Economic Indicators: April 1994 - FRASER€¦ · 103d Congress, 2d Session Economic Indicators...
Transcript of Economic Indicators: April 1994 - FRASER€¦ · 103d Congress, 2d Session Economic Indicators...
103d Congress, 2d Session
Economic Indicators
APRIL 1994(Includes data available as of May 3, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, ChairmanPAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVESLEE H. HAMILTON (Indiana)FORTNEY H. (PETE) STARK (California)KWEISI MFUME (Maryland)RON WYDEN (Oregon)MICHAEL A. ANDREWS (Texas)RICHARD K. ARMEY (Texas)JIM SAXTON (New Jersey)CHRISTOPHER C. COX (California)JIM RAMSTAD (Minnesota)
SENATEEDWARD M. KENNEDY (Massachusetts)JEFF BINGAMAN (New Mexico)CHARLES S. ROBB (Virginia)BYRON L. DORGAN (North Dakota)BARBARA BOXER (California)WILLIAM V. ROTH, JR. (Delaware)CONNIE MACK (Florida)LARRY E. CRAIG (Idaho)ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, ChairALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to theJoint Economic Committee; and the required numbers of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copiesprinted for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreignmailing) from:
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS DOMESTIC PRODUCTIn the first quarter of 1994, according to advance estimates, current-dollar gross domestic product (GDP) rose 5.2percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.6 percent, and the implicit price deflator rose 2.6percent.
BILUONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
6,800
6,400
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
2,800
5EA5GNAUY MJUSTH) ANNUAL MJB
/
^
GDPIN CURRENT DOLLARS ^
\,
i i i1982
X/
/
i i i1983
^
S
i i i
1984
''/
^
i i i1985
^
i i i1986
fxIS
i i i1987
r<GDP
1987DOL
> i i
1988
>^
LARS
I i i1989
f
~.
i i i1990
^^1
i i i1991
f
.--'
i i i1992
r""
___ X
1 1 11993
r-
1 1 1
1994
6,800
6/400
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
2,800
SOURCE: DEPARTMENT Of CQMMBCE COUNCa OF ECONOMIC ADVBSS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
198619871988198919901991199219931982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV1991: TH
rv1992- I
nrarv
1993' IninIV
1994' I p
Grossdomesticproduct
4,268.64,539.94,900.45,250.85,546.15,722.96,038.56,377.93,195.13,547.33,869.14,140.54,336.64,683.05,044.65,344.85,597.95,758.65,803.75,908.75,991.46,059.56,194.46,261.66,327.66,395.96,526.56,609.4
Personalcon-
sumptionexpendi-
tures
2,850.63,052.23,296.13,523.13,761.23,906.44,139.94,391.82,128.72,346.82,526.42,739.82,923.13,124.63,398.23,599.13,836.63,929.83,964.14,046.54,099.94,157.14,256.24,296.24,359.94,419.14,492.04,549.4
Grossprivate
domesticinvest-ment
717.6749.3793.6832.3808.9736.9796.5891.7464.2614.8722.8737.0697.1800.2814.8825.2756.4744.5752.4750.8799.7802.2833.3874.1874.1884.0934.5978.0
Exports and imports of goodsand services
Netexports
1325-143.1- 108.0-79.7-71.4
19.6-29.6
63.6-29.5-71.8
-107.1-135.5-133.2-143.2-106.0-73.9-71.6-19.8-13.0
70-33.9-38.8-38.8
483-65.1-71.9-69.1
824
Exports
319.2364.0444.2508.0557.1601.5640.5661.7265.6286.2308.7304.7333.9392.4467.0523.8577.6603.0625.7633.7632.4641.1654.7651.3660.0653.2682.4668.8
Imports
451.7507.1552.2587.7628.5621.1670.1725.3295.1358.0415.7440.2467.1535.6573.1597.7649.2622.8638.8640.7666.3679.9693.5699.6725.0725.1751.5751.2
Government purchases
Total
833.0881.5918.7975.2
1,047.41,099.31,131.81,158.1
631.6657.6727.0799.2849.7901.4937.6994.5
1,076.51,104.01,100.21,118.51,125.81,139.11,143.81,139.71,158.61,164.81,169.11,164.4
Federal
Total
367.8384.9387.0401.6426.5445.9448.8443.4281.4289.7324.7356.9373.1392.5392.0405.1436.5446.8437.4445.5444.6452.8452.4442.7447.5443.6440.0434.0
Nationaldefense
276.7292.1295.6299.9314.0322.5313.8303.4205.5222.8242.9268.6278.6295.8296.8302.5322.5321.2311.2312.3310.4316.7315.7304.8307.6301.9299.2292.8
Non-defense
91.192.991.4
101.7112.5123.4135.0140.175.966.981.988.394.596.795.2
102.6114.0125.6126.2133.1134.2136.1136.7137.9140.0141.7140.7141.2
Stateandlocal
465.3496.6531.7573.6620.9653.4683.0714.6350.3367.9402.2442.4476.6509.0545.7589.3640.0657.3662.8673.0681.2686.2691.4697.0711.1721.2729.2730.3
Finalsales of
domesticproduct
4,260.04,513.74,884.25,217.55,539.35,731.66,031.26,362.33,241.43,527.13,818.14,107.94,355.44,623.75,027.35,314.65,621.85,759.15,794.85,913.95,978.66,049.96,182.56,227.16,314.56,388.26,519.66,575.2
Grossdomestic
pur-chases *
4,401.24,683.05,008.45,330.55,617.55,742.56,068.26,441.53,224.63,619.13,976.24,276.04,469.84,826.25,150.75,418.75,669.55,778.45,816.75,915.86,025.36,098.36,233.26,309.96,392.76,467.86,595.66,691.8
Adden-dum:Gross
nationalproduct
4,277.74,544.54,908.25,266.85,567.85,737.16,045.86,378.13,222.63,578.43,890.24,156.24,340.54,690.55,054.35,365.05,630.05,766.25,815.55,927.65,996.36,067.36,191.96,262.16,327.16,402.36,520.9
1 GDF less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Period
19861987198819891990199119921993
1982- IV1983- IV1984- IV1985- IV1986- IV1987- IV1988- IV1989- IV1990- IV
1991: IIIIV
1992- IHmrv
1993- IIImIV
1994- I '.
Grossdomesticproduct
4,404.54,539.94,718.64,838.04,897.34,861.44,986.35,136.0
3,759.64,012.14,194.24,333.54,427.14,625.54,779.74,856.74,867.2
4,872.64,879.6
4,922.04,956.54,998.25,068.3
5,078.25,102.15,138.35,225.6
5,259.0
Personalcon-
sumptionexpendi-
tures
2,969.13,052.23,162.43,223.33,272.63,258.63,341.83,453.2
2,539.32,678.22,784.82,895.33,012.53,074.73,202.93,242.03,265.9
3,267.13,267.5
3,302.33,316.83,350.93,397.2
3,403.83,432.73,469.63,506.9
3,539.8
Gross privatedomestic investment
Nonre-sidential
fixedinvest-ment
500.3497.8530.8540.0546.5514.5529.2591.8
417.2449.6509.6525.5495.5510.6538.8536.7540.2
512.8506.1
510.5528.8533.8543.7
562.3584.3594.8625.7
634.1
Resi-dentialfixed
invest-ment
226.2225.2222.7214.2194.5169.5197.1214.2
131.2190.6198.8207.4230.5223.3225.3208.0176.3
171.0179.1
186.2195.6196.2210.6
211.4206.2212.1227.2
232.2
Changein
busi-ness
inven-tories
8.526.319.929.85.78 46.5
14.3
-44.929.347.930.2
-20.159.920.924.9
-20.9g
7.1
-5.012.69.68.7
29.313.06.58.5
30.5
Exports and imports ofgoods and services
Netexports
-155.1
- 104.073 7
-54.719 1
-33.6^76.5
19 0-83.7131 4
-155.4-156.0-136.0-102.7-67.4-36.8
-25.0164
-15.2380
-42.538 8
-59.975 2
-86.3845
- 104.2
Ex-ports
329.6364.0421.6471.8510.5543.4578.0598.3
280.4291.5312.8312.0342.9386.1438.2487.7520.4
546.9564.2
571.0570.2579.3591.6
588.0593.2591.9620.0
605.0
Im-ports
484.7507.1525.7545,4565.1562.5611.6674.8
299.4375.1444.2467.4498.9522.1540.9555.0557.2
571.9580.7
586.2608.2621.8630.3
647.9668.4678.2704.5
709.3
Government purchases
Total
855.4881.5886.8904.4932.6946.3945.2938.9
735.9748.1784.3830.5864.8893.0894.5912.6942.4
947.6936.2
943.1940.7950.2946.9
931.3941.1941.7941.7
926.8
Federal
Total
373.0384.9377.3376.1384.1386.5373.0354.9
316.0322.2341.7363.7377.5391.6378.4376.1386.5
386.6372.1
372.1369.2377.0373.7
357.6359.4353.7349.0
338.0
Nationaldefense
280.6292.1287.0281.4283.6281.3261.2242.4
229.4242.9254.3272.1282.2295.0285.7281.5285.7
279.4264.9
261.2257.9264.4261.3
246.0246.4240.1237.1
228.4
Non-defense
92.492.990.294.8
100.4105.3111.8112.5
86.679.387.491.695.396.692.794.7
100.8
107.2107.2
110.9111.3112.5112.4
111.5113.0113.7111.8
109.6
Stateandlocal
482.4496.6509.6528.3548.5559.7572.2584.0
419.9425.9442.6466.7487.3501.4516.1536.5555.8
561.0564.1
571.0571.5573.2573.2
573.7581.6588.0592.8
588.9
Finalsales of
domesticproduct
4,395.94,513.74,698.64,808.34,891.64,869.84,979.85,121.7
3,804.53,982.84,146.24,303.34,447.24,565.64,758.74,831.84,888.0
4,873.54,872.5
4,926.94,943.84,988.65,059.6
5,048.95,089.15,131.85,217.1
5,228.6
Grossdomestic
pur-chases l
4,559.64,683.04,822.64,911.74,951.94,880.55,019.95,212.5
3,778.64,095.84,325.54,488.94,583.14,761.54,882.44,924.14,904.0
4,897.64,896.0
4,937.14,994.55,040.75,107.1
5,138.15,177.45,224.65,310.0
5,363.3
dum:Gross
nationalproduct
4,413.54,544.54,726.34,852.74,916.54,874.54,994.05,138.6
3,791.74,046.64,216.44,349.54,430.84,633.04,789.04,875.14,895.4
4,880.34,890.9
4,939.04,962.25,006.45,068.4
5,080.75,104.15,145.85,223.7
1 GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT[1987=100; quarterly data are seasonally adjusted]
Period
19861987198819891990199119921993
1982- IV1983: IV1984- IV .1985- IV1986- IV1987- IV1988- IV1989- IV1990- IV
1991- HIrv
1992- InmIV
1993- Inmrv
1994- I *
Grossdomesticproduct
96.9100.0103.9108.5113.3117.7121.1124.2
85.088.492.395.598.0
101.2105.5110.1115.0
118.2118.9
120.0120.9121.2122.2
123.3124.0124.5124.9
125.7
Personal consumptionexpenditures
Total
96.0100.0104.2109.3114.9119.9123.9127.2
83.887.690.794.697.0
101.6106.1111.0117.5
120.3121.3
122.5123.6124.1125.3
126.2127.0127.4128.1
128.5
Durablegoods
96.9100.0102.0104.2105.7107.3108.9109.8
90.693.394.495.997.8
101.0103.1104.9106.1
107.5107.8
108.4109.0109.1109.1
109.2109.8109.9110.1
110.4
Nondura-ble goods
96.1100.0103.7109.3115.9120.0122.4124.1
89.491.894.297.096.3
101.5105.6110.8119.2
120.1120.7
121.5122.1122.8123.1
124.1124.2123.7124.3
124.3
Services
95.7100.0105.1110.6116.7122.8128.5133.5
79.083.787.792.997.3
101.9107.1112.7119.2
123.5124.9
126.6128.1128.5130.7
131.8133.1134.0135.1
135.9
Gross privatedomestic investment
Nonresi-dentialfixed
98.4100.0102.8105.2107.3108.0106.9105.4
95.395.096.497.399.2
100.7104.0106.0108.2
107.8107.3
107.1107.1106.6106.6
105.7106.0105.1104.8
104.8
Residen-tial fixed
95.8100.0104.2107.8110.7111.8113.4117.8
86.088.090.793.197.3
101.5105.3108.8111.1
112.5111.8
112.2112.8113.8114.9
115.8117.3118.5119.5
120.2
Exports and imports ofgoods and services
Exports
96.9100.0105.3107.7109.1110.7110.8110.6
94.798.298.797.797.4
101.6106.6107.4111.0
110.2110.9
111.0110.9110.7110.7
110.8111.3110.4110.1
110.5
Imports
93.2100.0105.1107.8111.2110.4109.6107.5
98.595.493.694.293.6
102.6106.0107.7116.5
108.9110.0
109.3109.6109.3110.0
108.0108.5106.9106.7
105.9
Government purchases
Federal
Total
98.6100.0102.6106.8111.0115.4120.3124.9
89.089.995.098.198.8
100.2103.6107.7112.9
115.6117.5
119.7120.4120.1121.1
123.8124.5125.4126.1
128.4
Nationaldefense
98.6100.0103.0106.6110.7114.7120.1125.1
89.691.795.598.798.7
100.3103.9107.5112.9
114.9117.5
119.6120.3119.8120.8
123.9124.8125.7126.2
128.2
Non-defense
98.6100.0101.4107.3112.0117.2120.8124.5
87.784.393.796.499.2
100.1102.6108.4113.1
117.2117.8
120.0120.6121.0121.6
123.6123.9124.6125.9
128.8
Stateand local
96.4100.0104.3108.6113.2116.7119.4122.4
83.486.490.994.897.8
101.5105.7109.9115.2
117.2117.5
117.9119.2119.7120.6
121.5122.3122.7123.0
124.0
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, ANDRELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Period
19811982198319841985198619871988198919901991 .19921993
1990: IIIHI . ...IV
1991- I . . .nmrv
1992- Inmrv
1993- IninIV
1994- I *
Gross domestic product
Currentdollars
11.93.98.1
10.96.95.76.47.97.25.63.25.55.6
9.15.93.11.0
2.44.84.33.2
7.45.74.69.2
4.44.34.48.4
5.2
Constant(1987) dollars
1.82 23.96.23.22.93.13.92.51.2
-.72.63.0
3.51.5
9-3.2
2 41.51.4.6
3.52.83.45.7
.81.92.97.0
2.6
Implicit pricedeflator
10.06.24.14.43.72.63.23.94.44.43.92.92.6
5.24.44.04.3
5.03.13.12.4
3.83.01.03.3
3.62.31.61.3
2.6
Fixed-weightedprice index
(1987 weights)
3.93.43.52.83.14.04.54.64.13.33.1
5.84.44.73.8
5.13.43.42.7
4.23.42.53.1
4.32.82.12.3
2.9
Personal consumption expenditures
Currentdollars
10.26.99.69.08.46.97.18.06.96.83.96.06.1
9.25.38.33.7
.74.74.43.5
8.65.45.79.9
3.86.15.56.8
5.2
Constant(1987) dollars
1.21.14.64.84.43.62.83.61.91.5
42.63.3
2.8.9
2.12 7
-2.81.81.3.0
4.31.84.25.6
.83.44.44.4
3.8
Implicit pricedeflator
9.05.74.93.93.93.14.24.24.95.14.43.32.7
6.34.36.16.7
3.43.13.03.4
4.03.61.63.9
2.92.61.32.2
1.3
Fixed-weightedprice index
(1987 weights)
8.65.44.33.73.83.04.14.35.05.34.53.73.0
6.64.26.37.0
3.93.23.43.5
4.53.63.43.1
3.42.91.42.8
2.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]
Period
19861987198819891990 ..199119921993 r
1982- IV1983- IV1984- IV1985- IV1986- IV1987- IV1988: IV1989- IV .1990- IV1991- IV .
1992- InIIIIV
1993- Ininrv r
Gross domestic productof nonfinancial
corporate business(billions of dollars)
Currentdollars
2,386.32,547.32,764.82,913.53,045.53,082.13,243.43,417.3
1,806.32,037.22,228.22,338.82,422.82,627.62,843.22,951.53,052.53,129.5
3,159.83,218.13,264.23,331.6
3,331.73,395.93,432.23,509.4
1987dollars
2,439.32,547.32,684.82,718.92,747.42,710.02,822.32,936.3
1,999.62,204.22,328.42,396.92,463.32,604.02,719.02,722.72,725.02,745.0
2,759.52,802.62,839.82,887.4
2,867.52,916.62,948.93,012.1
Current-dollar cost and profit per unit of output (dollars) 1
Totalcost andprofit 2
0.9781.0001.0301.0721.1091.1371.1491.164.903.924.957.976.984
1.0091.0461.0841.1201.140
1.1451.1481.1491.154
1.1621.1641.1641.165
Consump-tion offixed
capital
0.111.110.111.117.120.126.125.123.119.119.111.110.112.110.112.120.123.125
.125
.124
.129
.122
.124
.123
.124
.122
Indirectbusinesstaxes 3
0.095.095.096.101.106.115.116.118.086.088.091.093.095.094.097.102.109.116
.117
.116
.116
.116
.116
.118
.118
.118
Compen-sation of
employees
0.648.658.676.706.736.758.762.768.607.602.623.643.654.664.687.718.748.760
.762
.762
.762
.761
.772
.770
.769
.762
Netinterest
0.040.042.045.054.054.052.048.046.040.036.041.038.042.042.047.055.054.051
.050
.049
.047
.046
.047
.046
.045
.044
Corporate profits with inventoryvaluation and capital consumption
adjustments
Total
0.084.096.102.094.093.086.099.109.051.079.091.092.081.099.102.088.085.088
.091
.098
.096
.109
.102
.108
.108
.118
Profitstax
liability
0.031.037.038.037.034.031.035.040.020.029.027.030.035.038.040.033.034.031
.033
.036
.034
.037
.037
.040
.038
.044
Profitsaftertax 4
0.053.059.064.057.059.056.064.069.030.050.064.063.045.060.063.055.052.056
.059
.062
.062
.072
.065
.068
.070
.075
Outputper hour
of allemployees
(1987dollars)
22.73523.12923.57223.18923.44623.86524.836
21.07021.89322.05422.34722.89223.35823.52423.14723.54924.246
24.39424.67825.03125.310
25.05325.29625.528
Compen-sation per
hour ofall
employees(dollars)
14.74115.20815.83316.37717.24618.08718.915
12.79113.18713.73214.35914.97515.51816.07116.61817.62318.419
18.59718.80319.06219.249
19.35319.46819.626
1 Output is measured by GDP of nonfinancial corporate business in 1987 dollars.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.3 Indirect business tax and nontax liability plus business transfer payments less subsidies.
4 With inventory valuation and capital consumption adjustments.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1987198819891990199119921993 r ....1982: IV1983- IV1984: IV1985- IV1986: IV1987- IV1988: IV1989- IV.1990: IV1991- IV1992: I
IIinIV
1993: In....mrv r....
1994- I p
Nationalincome
3,692.34,002.64,249.54,491.04,598.34,836.65,140.32,551.52,834.33,134.43,341.93,486.03,828.84,127.64,305.24,539.24,662.64,755.44,814.64,800.84,975.85,038.95,104.05,143.25,275.0
Compen-sation ofemploy-
ees1
2,698.72,921.33,100.23,297.63,402.43,582.03,772.21,940.42,101.22,288.12,442.52,582.52,785.13,004.93,162.83,344.23,455.43,507.83,558.13,603.63,658.63,705.13,750.63,793.93,839.23,907.2
Proprietors' incomewith inventory
valuation and capitalconsumptionadjustments
Farm
31.330.940.241.936.843.746.010.26.3
21.917.823.642.430.938.443.837.645.644.936.847.655.747.024.856.460.0
Nonfarm
279.0293.4307.0321.4339.5370.6397.3169.6193.8217.7250.9260.9282.6302.5311.4325.1350.1361.2366.2371.3383.6388.4392.4397.6410.6415.6
Rentalincome ofpersons
withcapital
consump-tion
adjust-ment
3.24.3
-13.5— 14.2— 12.8-8.912.624.122.224.314.04.76.82.8
21 6-11.1-11.2-8.7
7 218 5
-1.27.5
12.713.716.43.5
Corporate profits with inventory valuation and capitalconsumption adjustments
Total
319.8365.0362.8380.6369.5407.2466.6150.3229.1261.3284.9264.6343.3378.3354.5362.8378.8409.9411.7367.5439.5432.1458.1468.5507.9
Profits with inventory valuationadjustment and without capital
consumption adjustment
Total
273.4320,3325.4354.7367.3390.1442.3160.0216.2223.6228.0225.0293.4340.5320.6349.3375.4399.7395.7350.1414.8407.0433.4444.8484.0
Profitsbefore tax
287.9347.5342.9365.7362.3395.4449.4168.6223.8220.1231.8235.7311.2372.2334.1368.9373.5404.3409.5357.9409.9419.8445.6443.8488.4
Inventoryvaluation
adjust-ment
-14.527 3
-17.511 04.95 3
-7.186
-7.63.5
-3.810.7
-17.831.7
-13.5-19.5
1.9-4.613 7
-7.84.9
-12.71221.0
-4.317 7
Capitalconsump-
tionadjust-ment
46.444.737.425.92.2
17.124.3
-9.612.937.756.939.649.937.933.913.53.5
10.216.017.424.725.124.723.823.920.6
Netinterest
360.4387.7452.7463.7462.8442.0445.6256.8281.8321.1331.9349.7368.6408.1459.8474.4451.9439.5440.8440.1447.7450.1443.2444.6444.5
1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
19871988198919901991199219931982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV1991: HI
IV1992: I
IIinIV
1993: IIIinIV
1994: I p
Totalpersonalconsump-
tionexpendi-
tures
3,052.23,162.43,223.33,272.63,258.63,341.83,453.22,539.32,678.22,784.82,895.33,012.53,074.73,202.93,242.03,265.93,267.13,267.53,302.33,316.83,350.93,397.23,403.83,432.73,469.63,506.93,539.8
Durable goods
Totaldurablegoods
403.7428.7440.7443.1426.6456.6490.0272.3319.1347.7369.6415.7404.7439.2436.8433.2432.6431.5446.6447.5459.0473.4471.9484.2493.1510.9522.9
Motorvehicles
andparts
183.5194.8196.4192.7170.5182.3191.7123.7151.6164.3173.9193.6183.6197.7188.3182.1173.7173.0180.6179.5180.6188.6185.7191.3189.9199.7211.7
Furni-ture andhouse-hold
equip-ment
144.0155.4165.8171.6180.0194.8216.396.4
109.3118.7128.6141.4145.9160.3167.9172.3182.7182.9188.2189.8197.1204.2206.5212.4219.4227.1227.2
Other
76.278.578.578.776.179.582.052.358.164.867.180.775.281.280.578.876.275.677.878.281.380.679.780.683.784.184.0
Nondurable goods
Totalnondura-ble goods
1,011.11,035.11,051.61,060.71,048.21,062.91,088.1
880.7915.2942.9968.7
1,000.91,014.61,046.81,058.91,057.51,049.31,044.01,052.01,055.01,062.91,081.81,076.01,083.11,093.01,100.21,106.7
Food
500.7513.4515.0523.9518.7520.5531.0458.3467.1475.1488.2496.9502.4518.0515.6525.8518.8518.2518.8515.7518.2529.3526.7528.6532.6536.0536.4
Clothingand
shoes
174.5178.9187.8186.2184.7193.7199.5135.7147.7154.7161.7171.9174.5182.8190.9184.5185.9183.1188.3191.1195.4200.0194.8197.8200.6204.6205.5
Gasolineand oil
84.786.187.386.483.183.984.973.476.979.079.584.685.487.588.684.683.482.582.783.784.784.483.984.186.285.484.6
Fueloil and
coal
12.012.011.410.510.711.913.010.511.411.111.412.411.912.012.09.5
11.410.611.112.811.711.912.912.613.213.114.5
Other
239.1244.7250.2253.8250.9252.9259.8202.8212.2222.9228.0235.2240.4246.4251.8253.1249.8249.6251.1251.7252.7256.2257.7259.9260.4261.1265.6
Services
Totalservices 1
1,637.41,698.51,731.01,768.81,783.81,822.31,875.21,386.21,443.91,494.21,557.11,595.81,655.51,716.91,746.31,775.21,785.21,792.01,803.71,814.31,829.01,842.01,855.91,865.41,883.51,895.81,910.2
Housing
452.5461.8469.2474.6478.6484.2492.0411.0419.7431.3438.1444.8457.0465.6471.3475.9479.4480.6481.7483.2485.1486.7488.8490.7493.3495.3497.8
Medicalcare
384.7399.4408.6424.6437.6449.2463.4327.8334.8344.9359.1372.0390.7403,0411.8429.4438.8443.6445.3447.9450.4453.2458.0461.1465.1469.3472.7
Retail sales of newpassenger cars
(millions of units)
Domes-tics
7.17.57.16.96.16.36.76.07.47.77.07.76.67.56.26.66.26.16.16.36.26.46.46.96.67.17.5
Imports
3.23.12.82.62.32.12.02.52.62.63.13.43.33.02.62.42.32.22.32.22.02.02.02.12.01.92.0
1 Includes other items, not shown separately. Source: Department of Commerce, Bureau of Economic Analysi
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEPersonal income rose $33.1 billion (annual rate) in March, following a rise of $98.9 billion in February. The large
February increase primarily reflected a rebound from uninsured losses to residential and business property from the
California earthquake in January, but also higher farm subsidies and bonuses to auto workers (the latter two
factors had a slight offsetting effect on the March increase).
BILUONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
4,000
3,000
2,000
1,400
800
4001986 1987
* SEASONALLY ADJUSTEP ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE
1988
WAGE AND SALARY DISBURSEMENTS
\
OTHER INCOME
. TRANSFER PAYMENTS
I I I I I I I I I I I1989 1990 1991 1992
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
4,000
3,000
2,000
1,400
800
1993
4001994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986.19871988198919901991199219931993: Mar
May, 3
July, *
SeptOctNovDec
1994: Jan 'Feb r
Mar*
personalincome
359043 802040759438034,673.84 85095 144.95 388 35,289.25 36565,380.45 373 65,365.1543235,440.6547875,511.25548 15,501.1560005,633.1
Wage andsalary
disburse-ments 1
2 105.42 261 22,443.02 58642,745.02 81502,973.1308052,975.8306833,093.8308603,101.63 124.33,120.43,137.73,147.13 164.03,191.53 197 83,212.9
Other laborincome * a
200.72104230.5251 9274.3296.9322.7350.7341.23439346.6349.3352.0354.7357.4360.1362.9365.8368.8371.9375.1
Proprietor
Farm
22 331 330940241 936843 746082.059 745.236010.631 132.743960.065354.162 263.6
' income 3
Nonfarm
261 527902934307 0321 43395370.6397 3388.2389 7392.73948393.13994400.44060410.44154410.64158420.5
income ofpersons 4
873243
13514.2
— 12 8-8.912 68.1
14312.011 97.1
16 117.916.816.415.9
— 43.724629.5
dividendincome
10471004108.41265144.41279140.41583157.21575157.81582158.61590159.3159.4159.4159.5159.71604162.0
interestincome
531.7548 1583.26682698.27156694.3695.2695.2694 1693.1692.0693.6695.7697.8697.3696.7696.2697.9700.1702.5
pay-ments 5
517.8542 2576.76250687.67699858.4912.1898.3901.7904.5910.2914.3919.4921.8925.9927.5936.2940.7946.2947.0
Less:
contributionsfor socialinsurance
162 1173 61945211 42249237 8249.32643256.9263 5265.32649265.92674267.02683269.12702278.42789280.0
personalincome 6
354563 749440239431804,608.64 792 05,080.1532005,185.15283 75,312.85 315 05,332.2537875,385.45412 15,428.4545995,423.95 514 65,546.1
1 The total of wage and salary disbursements and other labor income differs from compensation ofemployees (see p. 4) in that it excludes employer contributions for social insurance and the excess ofwage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.3 With inventory valuation and capital consumption adjustments.
4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEAccording to advance estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of1994.
BILLIONS OF DOLLARS' (RATIO SCALEI5,000
4,500
BILLIONS OF DOLLARS* (RATIO SCALEI
2,500
2,000
DOLLARS* (RATIO SCALE)
2,500
2,000
DOLLARS* (RATIO SCALE)
18,000
16,000
14,000
12,000
10,000
8,000
PER CAPITA DISPOSABLE PERSONAL INCOME
CURRENT DOLLARS\ I
^^—^ -
i i i
1982
,.
^
1983
^"
1 1 1
1984
-^
i i i1985
Z^-——'
1 1 11986
=- f
1987
r\987 DOLL4
1 ! 1
1988
R5
i \ :1989
i i i1990
,
1991
'
i i t1992
__ _.
1993
.
1994
18,000
16,000
14,000
12,000
10,000
8,000
* SEASONA11V ADJUSTED ANNUAL HATESSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
['cried
1987198819891990199119921993
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV ....1991: III ...
IV ....1992: I
IIIll ...IV ....
1993: IIIIll ...IV ....
1994: I"
Personalincome
Less:Personaltax andnontax
payments
Disposablepersonalincome
Less:Personaloutlays 1
Equals:Persona!
saving
Billions of dollars
3,802.04,075.94,380.34,673.84,850.95,144.95,388.3
512.5527.7593.3623.3620.4644.8681.6
3,289.53,548.23,787.04,050.54,230.54,500.24,706.7
3,147.53,392.53,634.93,880.64,029.04,261.54,516.8
142.0155.7152.1170.0201.5238.7189.9
Dispos-able
personalincome in
1987dollars
(billions)
3,289.53,404.33,464.93,524.53,529.03,632.53,700.9
Per capitadisposable personal
income
Currentdollars
1987dollars
Per capita personalconsumptionexpenditures
Currentdollars
1987dollars
Dollars
13,54514,47715,30716,20516,74117,61518,225
13,54513,89014,00514,10113,96514,21914,330
12,56813,44814,24115,04815,45916,20517,006
12,56812,90313,02913,09312,89513,08113,372
Percentchange inreal percapita
disposablepersonalincome
Saving aspercent ofdisposablepersonalincome
Percent
-0.12.5.8.7
-1.01.8.8
Seasonally adjusted annual rates
2,746.82,965.83,242.53,456.73,647.83,918.54,195.24,469.44,759.14,858.84,927.55,017.85,093.85,139.85,328.35,254.75,373.25,412.75,512.75,578.1
372.1371.6413.4448.8478.5528.6542.0605.1625.2619.7628.8630.9634.6642.8670.7657.1681.0689.0699.2715.7
2,374.72,594.32,829.13,007.93,169.33,389.93,653.23,864.34,133.94,239.14,298.84,386.94,459.24,497.04,657.64,597.54,692.24,723.74,813.54,862.4
2,190.92,417.92,606.52,828.73,018.23,220.13,496.73,715.53,957.74,052.34,087.04,169.44,221.34,277.34,377.94,419.74,483.64,544.04,620.14,680.4
183.8176.3222.6179.2151.1169.8156.4148.8176.2186.8211.7217.5237.9219.6279.7177.9208.7179.7193.4182.0
2,832.62,960.63,118.53,178.73,266.23,335.83,443.13,480.93,519.03,524.23,543.43,580.13,607.53,624.83,717.63,642.63,694.43,708.73,757.93,783.3
10,18911,03311,92512,56513,12113,90714,85015,55816,46716,75216,93917,24517,48117,57718,153
17,87618,19618,26518,56118,705
12,15412,59113,14513,27813,52213,68513,99614,01514,01813,92713,96314,07314,14214,16914,49014,16314,32614,34114,49114,554
9,1349,980
10,64911,44512,10112,81913,81414,49115,28315,53015,62115,90616,07216,24916,58916,70416,90717,08817,32117,501
10,89511,39011,73912,09512,47212,61513,02013,05313,01012,91112,87612,98113,00213,09813,24113,23413,31213,41613,52313,617
-0.57.21.01.8
-1.75.23.21.8
-1.7-2.1
1.0
3.22.0.8
9.4
-8.74.7
.44.2
1.8
4.34.44.04.24.85.34.0
7.76.87.96.04.85.04.33.94.3
4.44.9
5.05.34.96.0
3.94.43.84.0
3.7
Population,including
ArmedForces
overseas(thou-
sands) 2
242,860245,093247,397249,951252,699255,472258,254
233,060235.146237,231239,387241,550243,745246,004248,372251,035253,048253,776254,392255,090255,836256,569257,197257,872258,612259,334259,949
1 Includes persona) consimiptic>ems to rest, of the world (net).
expenditures, interest paid hv persons, and personal transfer pay- 2 Annua l data are averages of quarterly data, which arc averages for the period.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEIn the fourth quarter of 1993, according to preliminary estimates, gross farm income rose $17.9 billion (annualrate) and net farm income rose $17.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS' (RATIO SCALE)
240200
160
4000
20
2
V — -^
\\ *\\ 1
\ i
i i i1982
-^^ ••
i1 \ ii ,\ ,i . \\ *
»/
i i i1983
/ >
__
/ V' X
i i i
1984
^
GRO
A^/ '^ s"
1 1 1
1985
^-— S*\
\^\
SS FARM INC
A /
t
i i i
1986
OM£
A /
N /
"\
l l l1987
1 "
s
X /\'
i i i
1988
•~^-,'
i i i
1989
\s /^
1 1 11990
' '
^ t^s'
i i i
1991
NN/
1 1 I
1992
^^
\
i i i
1993
120
80
60
40
20
10
' SEASONALLY ADJUSTH) ANNUAL RATESSOURCE: DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19841985 ....19861987 ..19881989 .1990199119921993 p
1991- III ..TV
1992- In ..IllIV
1993: Inmrvp
Income of farm operators from farming
Gross farm income
Total *
168.0161.2156.1168.5175.8190.9196.4190.3197.7197.0
186.8192.7
199.6202.8197.3191.3
196.8203.7184.7202.6
Cash marketing receipts
Total
142.8144.1135.4141.8151.2161.2170.0168.7171.2174.6
172.2169.4
167.1174.2178.9164.5
170.7180.8176.0170.7
Livestock andproducts
72.969.871.676.079.484.189.886.886.489.6
84.985.0
84.286.085.389.9
86.292.390.789.4
Crops
69.974.363.865.971.777.080.181.984.884.9
87.384.4
82.988.193.674.6
84.588.685.381.2
Value ofinventorychanges 2
6.0-2.3-2.2-2.3-3.4
4.83.4
3
3.8— 4.1
.1-3.1
4.74.33.52.5
-7.3-5.8-6.7
3.4
Productionexpenses
141.9132.4125.1128.8137.0144.0149.9150.3149.1149.6
151.7152.2
146.3148.6150.4151.0
146.8149.1150.9151.5
Net farm income
Currentdollars
26.128.831.139.738.846.946.540.048.647.4
35.240.5
53.354.246.840.3
50.054.633.851.1
1987 dollars 3
28.730.532.039.737.343.241.034.040.238.1
29.834.1
44.444.838.633.0
40.544.027.140.9
1 Cash marketing receipts and inventory changes plus Government payments, other farm cashincome, and nonrnoney income furnished by farms.
2 Physical changes in end-of-vear inventory of crop and livestock commodities valued at averageprices during the year.
3 Income in current dollars divided by th« GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS!n the fourth quarter of 1993, according to revised estimates, corporate profits before tax rose $44.6 billion{annual rate) and profits after tax rose $21.6 billion.
BILLIONS OF DOLLARS
550
500
450
400
350
300
250
200
150
100
50
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS
550
500
PROFITS BEFORE TAX
1983 1984
SOURCE: DEPARTMENT OF COMMERCE
TAX LIABILITY
1985 1986
PROFITS AFTER TAX .
\
/ V' UNDISTRIBUTED PROFITS
1987 1988 1989 1990 1991
450
400
350
300
250
200
150
100
50
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1986198719881989 .19901991 . . .19921993 r
1982: IV1983- IV1984- IV1985: IV1986- IV1987: IV1988- IV1989: IV1990- IV
1991: IIIIV
1992- I . .IIIllIV
1993- IIIIllIV
1994- I »
Profits (before tax) with inventory valuation adjustment 1
Total 2
227.6273.4320.3325.4354.7367.3390.1442.3
160.0216.2223.6228.0225.0293.4340.5320.6349.3
359.0375.4
399.7395.7350.1414.8
407.0433.4444.8484.0
Domestic industries
Total
194.6233.9271.2266.0286.7300.4327.8383.6
130.8182.6192.9193.5192.5246.3285.9254.8273.8
299.3306.8
328.5334.2288.6360.1
348.0375.3382.1428.9
Finan-cial
35.836.441.850.665.780.778.199.0
23.022.120.329.034.739.446.152.566.6
84.281.6
97.987.744.682.0
92.396.499.3
108.1
Nonfinancial
Total 3
158.9197.5229.4215.3221.1219.7249.8284.6
107.8160.5172.6164.5157.8207.0239.7202.3207.2
215.1225.2
230.5246.5244.0278.1
255.7278.9282.8320.8
Manu-facturing
59.087.0
117.5108.0109.189.8
115.5131.7
50.190.579.283.363.998.7
129.394.598.5
89.388.9
98.9115.7119.3128.0
118.9132.5126.7148.9
Whole-sale and
retailtrade
46.339.937.139.737.247.446.354.4
33.840.750.839.043.139.339.339.236.2
45.647.8
40.046.041.357.7
46.055.455.161.4
Profitsbefore
tax
217.8287.9347.5342.9365.7362.3395.4449.4
168.6223.8220.1231.8235.7311.2372.2334.1368.9
362.0373.5
404.3409.5357.9409.9
419.8445.6443.8488.4
Taxliability
106.5127.1137.0141.3138.7129.8146.3174.0
58.782.283.897.6
116.6135.2146.2134.2137.0
132.5133.4
147.0153.0130.1155.0
160.9173.3169.5192.5
Profits after tax
Total
111.3160.8210.5201.6227.1232.5249.1275.4
109.9141.6136.3134.2119.2176.0226.0200.0231.8
229.5240.1
257.3256.5227,8254.9
258.9272.3274.3295.9
Divi-dends
109.8106.2115.3134.6153.5137.4150.5169.0
72.584.283.497.4
111.0106.3121.0141.3153.7
133.4133.9
138.0146.1155.2162.9
167.5168.5169.7170.3
171.7
Undis-tributedprofits
1.654.695.267.173.695.298.6
106.4
37.557.452.936.9
8.269.7
105.058.778.1
96.1106.1
119.3110.472.792.0
91.4103.9104.6125.6
Inventoryvaluationadjust-ment
9.7-14.5-27.3-17.5-11.0
4.9-5.3— 7.1
-8.6-7.6
3.538
-10.7-17.8-31.7-13.5— 19.5
301.94 6
-13.77.84.9
— 12.7-12.2
1.0—4.3
-17.7
1 Sec p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.Source: Department of Commerce, Bureau of Economic Analyst
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARSIn the first quarter of 1994, according to advance estimates, nonresidential fixed investment in 1987 dollars rose$8.4 billion (annual rate) and residential investment rose $5.0 billion. There was a $30.5 billion increase ininventories, following an increase of $8.5 billion in the fourth quarter.
BIlilONS OF 1987 DOLLARS
900
800
700
600
500
400
300
200
100
-100
SEASONALLY ADJUSTED ANNUAL RATES
GROSS PRIVATE DOMESTICINVESTMENT
-V
BILLIONS OF 1987 DOLLARS
900
800
NONRESIDENTIALFIXED INVESTMENT
RESIDENTIALFIXED INVESTMENT -\
700
600
500
400
300
200
100
-100
CHANGE IN BUSINESINVENTORIES
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994
SOURCE: DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Period
19861987198819891990199119921993
1982: IV1983- IV1984: IV1985- IV1986: IV1987: IV....1988- IV1989: IV1990- IV
1991- IIIIV
1992- IIIIllIV
1993- IIIIllIV
1994- I "
Grossprivate
domesticinvestment
735.1749.3773.4784.0746.8675.7732.9820.3
503.5669.5756.4763.1705.9793.8785.0769.5695.7
682.8692.3
691.7737.0739.6763.0
803.0803.6813.4861.4
896.7
Fixed investment
Total
726.5723.0753.4754.2741.1684.1726.4806.0
548.4640.2708.4732.9725.9733.9764.1744.6716.6
683.8685.2
696.7724.4730.0754.3
773.7790.6806.9852.9
866.2
Nonresidential
Total
500.3497.8530.8540.0546.5514.5529.2591.8
417.2449.6509.6525.5495.5510.6538.8536.7540.2
512.8506.1
510.5528.8533.8543.7
562.3584.3594.86^5.7
634.1
Structures
176.6171.3174.0177.6179.5160.2150.6151.5
173.2162.6189.5198.3170.4177.9175.7179.8172.8
155.6151.0
152.8152.9148.8148.0
148.2151.1151.2155.6
148.9
Producers'durable
equipment
323.7326.5356.8362.5367.0354.3378.6440.2
244.0287.0320.1327.2325.0332.7363.1356.9367.4
357.2355.2
357.7375.9385.1395.7
414.1433.2443.6470.0
485.1
Residential
226.2225.2222.7214.2194.5169.5197.1214.2
131.2190.6198.8207.4230.5223.3225.3208.0176.3
171.0179.1
186.2195.6196.2210.6
211.4206.2212.1227.2
232.2
Change in businessinventories
Total
8.526.319.929.85.7
— 8.46.5
14.3
-44.929.347.930.2
— 20.159.920.924.9
-20.9
-.97.1
-5.012.69.68.7
29.313.06.58.5
30.5
Nonfarm
10.632.726.929.9
3.2-8.6
2.719.7
-46.232.350.828.0
— 18.662.130.531.2
-18.7
.010.3
-9.67.05.87.5
29.317.119.412.9
30.7
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the Commerce Department January-March 1994 survey, business spending for new plant andequipment is expected to rise 8.0 percent in 1994, following a rise of 7.1 percent in 1993.
BILLIONS OF DOUARS (RAID SCALE)700
300
BILLIONS OF DOLLARS (RATIO SCALE)700
SEASONAliY ADJUSTED ANNUAL RATES
1986
•SECOND HALF• SURVEYED QUARTERLY*>SEE FOOTNOTE 4 BELOWSOURCE: DEPARTMENT Of COMMERCE
All INDUSTRIES
-VNONMANUFACTURING-1'
-'- \MANUFACTURING
600
500
400
300
200
100
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1984198519861987198819891990199119921993 '1994 4
1992- IIIm.rv
1993- InTTTIV '
1994- I 4
II4
2nd half 4
Industries surveyed quarterly
Allindus-tries
373.83410.12399.36410.52455.49507.40532.61528.39546.60585.64632.76
534.85541.41547.40559.24
564.13579.79594.11604.51
621.28624.99642.39
Manufacturing
Total
139.61152.88137.95141.06163.45183.80192.61182.81174.02179.18192.69
173.82171.98172.86176.86
175.05177.09182.17182.40
191.23189.09195.22
Dura-ble
goods
64.5770.8765.6868.0377.0482.5682.5877.6473.3281.3389.09
73.9874.0772.0973.30
79.1180.8881.9983.35
91.8187.6888.45
Non-durablegoods .
75.0482.0172.2873.0386.41
101.24110.04105.17100.6997.84
103.60
99.8597.91
100.77103.56
95.9496.21
100.1899.04
99.42101.41106.77
Nonmanufacturing
Total 1
234.22257.24261.40269.46292.04323.60339.99345.58372.58406.46440.07
361.03369.44374.54382.38
389.08402.70411.94422.11
430.06435.89447.17
Mining
11.8612.008.158.289.299.219.88
10.028.88
10.0310.63
8.929.208.988.47
8.899.10
11.1410.98
10.8411.5110.09
Trans-portation
13.4414.5715.0515.0716.6318.8421.4722.6622.6421.8721.27
21.8323.1523.9121.60
22.4721.5821.7021.73
20.0620.5622.23
Publicutilities
57.5359.5856.6156.2660.3766.2867.2166.5772.2175.7278.28
69.0072.6372.1874.07
73.5174.5575.6279.21
73.6977.5980.92
Com-mercial
andother
151.39171.09181.59189.84205.76229.28241.43246.32268.84298.83329.90
261.27264.46269.46278.24
284.21297.46303.47310.20
325.47326.23333.94
Addenda
Totalnon-farmbusi-ness 2
418.38454.93447.11461.51508.22563.93591.96587.93607.71649.32698.39
Manu-facturing
139.61152.88137.95141.06163.45183.80192.61182.81174.02179.18192.69
173.82171.98172.86176.86
175.0517709182.1718240
191.2318909195.22
Nonmanufacturing
Total
278.77302.05309.16320.45344.77380.13399.34405.12433.69470.14505.70
Sur-veyedquar-terly
234.22257.24261.40269.46292.04323.60339.99345.58372.58406.46440.07
361.03369.44374.54382.38
389.08402.70411.94422 11
430.0643589447.17
Sur-veyed
annual-ly 3
44.5544.8147.7550.9952.7356.5359.3559.5461.1163.6865.63
1 Excludes forestry, fisheries, and agricultural services; professional services; social services andmembership organizations; and real estate, which, effective with the April-May 1984 survey, are nolonger surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data forthese industries.
2 "All industries" plus the part of nonmanufacturing that is surveyed annually.
3 Consists of forestry, fisheries, and agricultural services; professional services; social services andmembership organizations; and real estate.
4 Planned capital expenditures as reported by business in January-March 1994, corrected forbiases.
Source: Department of Commerce, Bureau of the Census.
10
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESIn March, civilian employment fell 221,000 and unemployment rose 25,000.
MILLIONS OF PERSONS *
134
MILLIONS OF PERSONS *
134SEASONALLY ADJUSTED
130
126
122
118
114
110
106
12
8
4
130
126
122
118
114
110
106
CIVILIAN LABOR FORCE
\
—.X*•" \
CIVILIANEMPLOYMENT
UNEMPLOYMENT
I I I I I I I I I I M I I 1 1 i I I 1 I1986 1987 1988 1989 1990 1991 1992 1993 1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
198419851986 3
1987198819891990 . .199119921993
1993:Mar
May
July
SeptOctNovDec
1994:Jan4
FebMar
Noninstitu-tionai
populationincludingresidentArmedForcesNSA
178,080179,912182,293184,490186,322188,081189,686191,329193,142195,034
194,456194,618194,767194,933195,104195,275195,453195,626195,791195,993
ResidentArmedForcesNSA
1,6971,7061,7061,7371,7091,6881,6371,5641,5661,485
1,4971,4921,4841,4771,4711,4821,4821,4751,4701,461
Labor forceincludingresidentArmedForces
115,241117,167119,540121,602123,378125,557126,424126,867128,548129,525
128,937129,031129,559129,533129,573129,816129,590130,055130,132130,359
Employ-ment
includingresidentArmedForces
106,702108,856111,303114,177116,677119,030119,550118,440119,164120,791
120,059120,077120,664120,664120,841121,174121,050121,416121,802122,122
Civilianlabor force
113,544115,461117,834119,865121,669123,869124,787125,303126,982128,040
127,440127,539128,075128,056128,102128,334128,108128,580128,662128,898
130,667130,776130,580
Civilian employment
Total
105,005107,150109,597112,440114,968117,342117,914116,877117,598119,306
118,562118,585119,180119,187119,370119,692119,568119,941120,332120,661
121,971122,258122,037
Agricul-tural
3,3213,1793,1633,2083,1693,1993,1863,2333,2073,074
3,0993,0713,0743,0313,0433,0053,0933,0213,1143,096
3,3313,3913,426
Nonagricultural
Total
101,685103,971106,434109,232111,800114,142114,728113,644114,391116,232
115,463115,514116,106116,156116,327116,687116,475116,920117,218117,565
118,639118,866118,611
Part timefor
economicreasons 1
5,5125,3345,3455,1224,9654,6574,8605,7676,1166,106
6,0296,1896,2196,1926,2136,2166,1735,9575,9045,934
4,8424,3844,762
Unemployment
Total
8,5398,3128,2377,4256,7016,5286,8748,4269,3848,734
8,8788,9548,8958,8698,7328,6428,5408,6398,3308,237
8,6968,5188,543
15weeks
and over
2,7372,3052,2321,9831,6101,3751,5042,3233,3543,052
3,1102,9863,0463,0253,0073,0003,0473,0302,9712,864
3,0273,1033,110
Civilian
Laborforce
partici-pationrate(per-
cent) 2
64.464.865.365.665.966.566.466.066.366.2
66.066.066.366.266.266.266.066.266.266.3
66.766.766.6
Employ-ment/
populationratio(per-
cent) 2
59.560.160.761.562.363.062.761.661.461.6
61.461.461.761.661.661.861.661.861.962.0
62.262.362.2
1 Persons at work. Economic reasons include slack work, material shortages, inability to find full- 4 Data beginning January 1994 are based on the revised Current Population Survey and are nottime work, etc. directly comparable with data for earlier periods. For details, see Employment and Earnings, Feb-
2 Civilian labor force (or employment) as percent of civilian noninstitutionai population. ruary 1994.3 Not strictly comparable with earlier data. Source: Department of Labor, Bureau of Labor Statistics.
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED UNEMPLOYMENT RATESIn March, the civilian unemployment rate was unchanged at 6.5 percent.
PERCENT * (SEASONALLY ADJUSTED) PERCENT * (SEASONALLY ADJUSTED)
1990
10
1990
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE: DEPARTMENT OF LABOR
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1984198519861987198819891990199119921993
1993: MarAprMay ....June ...July ....Aug ....Sept ....OctNov ....Dee
1994- Jan 4
Feb
Unem-ploy-mentrate,all
work-ers1
7.47.16.96.15.45.25.46.67.36.7
6.96.96.96.86.76.76.66.66.46.3
Unemployment rate (percent of civilian labor force in group)
Allcivilianwork-
ers
7.57.27.06.25.55.35.56.77.46.8
7.07.06.96.96.86.76.76.76.56.4
6.76.56.5
By sex and age
Men20 yearsand over
6.66.26.15.44.84.54.96.37.06.4
6.76.56.56.56.56.46.36.25.95.8
5.96.05.8
Women20 years
andover
6.86.66.25.44.94.74.85.76.35.9
5.76.05.95.95.85.75.85.85.75.7
6.05.76.0
Bothsexes16-19years
18.918.618.316.915.315.015.518.620.019.0
19.520.319.819.518.418.417.918.918.317.8
18.417.917.8
By race
White
6.56.26.05.34.74.54.76.06.56.0
6.16.16.16.16.05.95.86.15.65.6
5.85.65.7
Blackand
other
14.413.713.111.610.410.010.111.112.711.7
12.012.411.812.011.611.511.410.911.310.7
11.611.311.3
Black
15.915.114.513.011.711.411.312.414.112.9
13.513.712.913.312.812.512.511.912.511.5
13.112.912.5
By selected groups
Experi-enced
wage andsalary
workers
7.16.86.65.85.25.05.36.57.16.5
6.76.76.66.66.56.46.36.46.26.2
6.66.46.4
Marriedmen,
spousepresent
4.64.34.43.93.33.03.44.45.04.4
4.74.54.54.44.54.44.24.44.03.9
4.14.34.1
Womenwho
maintainfamilies
10.310.49.89.28.18.18.29.19.99.5
9.09.69.89.79.69.09.09.39.0
10.2
9.49.79.6
Full-time
work-ers 2
7.57.16.96.05.35.15.46.77.46.8
6.96.96.96.96.86.76.66.66.36.4
6.86.66.6
Part-time
work-ers2
7.47.57.46.96.46.26.36.97.47.1
7.27.66.97.16.76.86.97.26.96.6
6.25.96.3
Laborforce
time lost(per-
cent) 3
8.68.17.97.16.35.96.27.68.37.7
7.97.87.97.87.87.77.57.67.27.2
1 Unemployed as percent of total labor force including resident Armed Forces.2 Revised definition; for details, see Employment and Earningn, February 1994.3 Aggregate hours lost by the unemployed and persons on part time for economi
cent of potentially available labor force hours.asons as per-
4 Data beginning January 1994 are based on the revised Current Population Survey and are notdirectly comparable with data for earlier periods. For details, see Employment and Earnings, Feb-ruary- 1994.
Source: Department of Labor, Bureau of Labor Statistics.
12
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeksand over rose; the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of unemploymentrose to 19.2 weeks and the median duration rose to 9.1 weeks.
PERCENT DISTRIBUTION '
70
60
30
DURATION OF UNEMPLOYMENT
LESS THAN5 WEEKS
I 1 1 1 1 1 1 M 1
1990
*F/
t ! 1 1 1 H 1 1 1 1
1991
1 1 1 1 1 M t 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1
PERCENT DISTRIBUTION '
70
60
30
10
REASON FOR UNEMPLOYMENT
ill
JOB LOSERS-17 v
REENTRANTS
^<.S*
*~"J ^Nr
NEW ENTRANTS
JOB LEAVERS
r
* SEASONALLY ADJUSTEDU BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOURCE: DEPARTMENT OF LABOR
1993
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
19841985198619871988 . . ...198919901991199219931993- Mar
AprMay
July
SeptOctNovDec
1994: Jan3
FebMar
Unemploy-ment
(thousands)
8,5398,3128,2377,4256,7016,5286,8748,4269,3848,734
8,8788,9548,8958,8698,7328,6428,5408,6398,3308,237
8,6968,5188,543
Duration of unemployment
Percent distribution
Lessthan
5weeks
39.242.141.943.746.048.646.140.134.936.2
35.637.536.835.936.735.235.736.435.437.5
38.430.632.8
5-14weeks
28.730.231.029.630.030.332.032.329.428.9
29.228.728.730.629.030.128.728.728.927.5
26.832.530.3
15-26weeks
12.912.312.712.712.011.211.814.515.214.614.414.814.413.914.314.515.214.814.614.1
15.116.215.0
27weeks
andover
19.115.414.414.012.19.9
10.113.020.620.4
20.819.020.119.619.920.120.520.121.121.0
19.720.821.9
Number ofweeks
Aver-age
(mean)
18.215.615.014.513.511.912.113.817.918.1
17.717.717.817.817.918.318.418.418.918.2
18.318.719.2
Medi-an
7.96.86.96.55.94.85.46.98.88.4
8.48.5
. 8.38.38.38.48.98.38.58.2
8.59.09.1
Reason for unemployment:percent distribution
Joblos-
ers 1
51.849.848.948.046.145.748.354.756.454.6
54.654.353.854.6
• 55.556.255.055.253.454.2
51.148.646.9
Jobleav-ers
9.610.612.313.014.715.714.811.610.410.8
11.911.110.910.610.410.210.811.111.511.4
8.810.310.1
Reen-trants
25.627.126.226.627.028.227.424.823.724.6
23.124.425.324.824.124.024.324.125.024.6
32.633.735.5
Newentrants
13.012.512.512.412.210.49.58.99.5
10.0
10.410.310.110.19.99.69.99.7
10.09.7
7.57.47.5
Stateprograms
Insuredunem-
ployment
Initialclaims
Insuredunem-
ployment,all
regularprograms(unadjust-
ed)2
Weekly average, thousands
2,4762,6112,6502,3322,0812,1582,5223,3423,2452,751
2,6792,7592,7892,8402,8512,8192,8232,8152,7762,694
2,7202,7912,744
377396378328310330388447408
r341
358350348348352329328341335325
369351
r340
2,5612,6932,7462,4012,1352,2052,5753,4063,339
' 2,838
3,3942,9292,5972,8062,6552,7212,4212,3242,5632,794
3,510r 3,5053,392
1 Beginning January 1994, job losers and persons who completed temporary jobs.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-service-
men (UCX), and Federal (UCFB). Railroad (RR> programs included through 1991. Also includesFederal and State extended benefit programs. Does not include Federal supplemental compensationor Emergency Unemployment Compensation programs.
3 Data beginning January 1994 are based on the revised Current Population Survey and arc notdirectly comparable with data for earlier periods. For details, see Hmployment and Kanunf/N, Feb-ruary 1994.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-tration).
13
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey rose by 456,000 in March.
MILLIONS OF PERSONS*
110
100
80
60
50
40
30
20
- — -.
1 1 1 1 1 1 1 1 1 1 1
1990
\
ALL NONAGRIClESTABLISHME
SER\
GOC
1 1 1 1 1 1 1 II 1 1
1991
_
/ICE-PRODUCINDUSTRIES
3DS-PRODUCINDUSTRIES
mill inn
1992
riLTURALNTS
_-- '
ING
JNG
in mi n 1 11993
_^
-
— '
-
-
i i i i i 1 i i I I 1,
1994
MILLIONS OF PERSONS* (ENLARGED SCALE)
CONSTR
ii ll ill ll ll
1990
UCTION
i mil mil1991
|
1992
i imlimi1993
—
i imlimi1994 ^
COUNCtt OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Period
19841985198619871988198919901991199219931993: Mar....
AprMay....June ...July....Aug ...Sept ...Oct ....Nov ...Dec ....
1994: Jan ....Febp..Mar "..
Totalnonagri-culturalemploy-
ment
9440897,38799344
101,958105 210107,895109 419108,256108519110,178109,565109,820110,058110,101110,338110,305110,502110,664110,880111,110111,079111,277111,733
Goods-producing industries
Total 2
24 718248422453324,67425 12525,2542490523,74523 14222,97523,01622,98023,00622,94122,94822,90322,88622,93422,99423,00823,02423,01823,101
Con-struction
4 38046684 81049585 0985 1715 1204,65044714,5744,4814,5174,5774,5744,5934,5934,5924,6294,6644,6654,6534,6434,717
Manufacturing
Total
19 37219248189471899919 3141939119 0761840618 04017 80217,93517,86317,82717,77117,76017,71817,69817,70917,73517,73817,76917,77417,786
Durablegoods
11 47611,45811 19511,15411 36311,39411 10910,5691023710,04710,14410,09010,04710,0119,9969,9749,9749,988
10,01310,02810,06110,06710,074
Nondur-able
goods
7 8967 7907 7527,8457 9517,9977 9687,8377 8047,7557,7917,7737,7807,7607,7647,7447,7247,7217,7227,7107,7087,7077,712
Service-producing industries
Total
69 690725447481177 2848008682,64284 51484,5118537787,20386,54986,84087,05287,16087,39087,40287,61687,73087,88688,10288,05588,25988,632
Trans-portation
andpublic
utilities
5 15652335 2475,3625 5145,6255 7935,7625 7095,7085,7245,7205,7195,7115,7095,6905,6925,6935,7005,6975,7085,7165,737
Whole-sale
trade
5 5685 7275 7615,84860306 1876 1736,08160456,1136,1036,1106,1256,1106,1266,1076,1176,1226,1296,1336,1566,1746,184
Retailtrade
16 51217 31517 88018422190231947519 6011928419 3461974319,60419,64819,70219,75119,79019,79519,83619,84619,85319,94919,92319,98620,060
Finance,insur-ance,
and realestate
5 68459486 27365336 63066686 70966466 57166046,5746,5856,5886,5906,6046,6026,6166,6326,6516,6606,6566,6646,675
Services
20 74621 92722 95724 11025 5042690727 9342833629 05330 19229,75629,97730,09930,17530,32030,38130,43330,53430,64930,70930,68330,79231,015
Government
Total
160241639416 6931701017 38617 77918 3041840218 65318 84218,78818,80018,81918,82318,84118,82718,92218,90318,90418,95418,92918,92718,961
Federal
2 8072 8752 8992 9432 97129883 08529662 96929152,9382,9232,9122,9012,8962,9062,9012,9012,8962,9182,8972,8862,880
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments whoreceived pay for any part of the pay period which includes the 12th of the month. Excludes propri-etors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derivedfrom this table not comparable with estimates of nonagricultural employment of the civilian laborforce, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;which count persons as employed when they are not at work because of industrial disputes, bad
weather, etc., even if they are not paid for the time off; and which are based on a sample of theworking-age population, whereas the estimates in this table are based on reports from employingestablishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
14
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLYEARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
1984198519861987198819891990199119921993
1993: FebMar.. . .
May. . .
July. }
SeptOctNovDec
1994- JanFeb "Mar?
Average weekly hours
Totalprivate
nonagri-eultural '
35.234.934.834.834.734.634.534.334.434.5
34.434.234.434.734.434.534.734334.534.534.5
34.834.334.7
Manufacturing
Total
40.740.540.741.041.141.040.840.741.041.4
41.441.241.541.441.241.441.441.541.641.741.7
41.841.242.2
Overtime
3.43.33.43.73.93.83.63.63.84.1
4.24.04.24.14.04.04.14.14.34.34.4
4.44.64.8
Average gross hourly earnings
Total privatenonagricultural l
Currentdollars
$8.328.578.768.989.289.66
10.0110.3210.5810.83
10.7410.7810.7710.8210.8110.8110.8610.8610.9210.9310.95
11.0211.0311.04
1962dollars 2
$7.807.777.817.737.697.647.527.457.427.39
7.397.407.387.397.387.377.397.387.397.397.39
7.437.427.40
Manufac-turing
$9.199.549.739.91
10.1910.4810.8311.1811.4611.76
11.6411.6611.7111.7111.7211.7211.7711.8411.8311.8811.95
11.9612.0412.02
Average gross weekly earnings
Total privatenonagricultural 1
Currentdollars
$292.86299.09304.85312.50322.02334.24345.35353.98363.95373.64
369.46368.68370.49375.45371.86372.95376.84372.50376.74377.09377.78
383.50378.33383.09
1982dollars 2
$274.73271.16271.94269.16266.79264.22259.47255.40255.22254.87
254.27253.21253.76256.45253.83254.23256.35253.23255.07254.79254.91
258.60254.60256.93
Current dollars
Manufac-turing
$374.03386.37396.01406.31418.81429.68441.86455.03469.86486.86
481.90480.39485.97484.79482.86485.21487.28491.36492.13495.40498.32
499.93496.05507.24
Construc-tion
$458.51464.46466.75480.44495.73513.17526.01533.40537.70551.04
538.94544.07541.21556.39551.32559.77558.33551.14551.90563.16557.94
556.51542.72563.55
Retailtrade
$174.33174.64176.08178.70183.62188.72194.40198.48205.34209.95
208.08205.01208.80211.41209.66209.66210.97209.95212.42211.39212.99
214.89212.78215.47
Percent change from ayear earlier, total
privatenonagricultural 3
Currentdollars
4.32.11.92.53.03.83.32.52.82.7
2.22.02.83.42.62.92.83.03.02.23.1
3.62.43.6
1982dollars
0.8-1.3
.3-1.0
9-1.0-1.8-1.6-.1— .1
-.9-1.0-.3
.2-.2
.2
.1
.5
.4-.3
.6
1.2.1
1.3
1 Also includes other private industry groups shown on p. 14.2 Current dollar earnings divided by the consumer price index for urban i
workers (CPI-W) (on a 1982=100 base).rage earners and clerical
3 Based on seasonally unadjusted data.Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Period
1984' Dec1985- Dec1986- Dec1987- Dec1988- Dec1989- Dec1990- Dec1991- Dec1992- Dec1993: Dec
1991- Mar
SeptDec
1992- Mar
SeptDec . .
1993- Mar
SeptDec
1994- Mar
Index (June 1989 = 100)
Totalcompensa-
tion
Wages andsalaries Benefits l
Percent change from
3 months earlier
Totalcompensa-
tion
Wages andsalaries Benefits '
12 months earlier
Totalcompensa-
tion
Wages andsalaries Benefits 1
Not seasonally adjusted
84.087.390.193.197.6
102.3107.0111.7115.6119.8
84.888.391.194.198.0
102.0106.1110.0112.9116.4
81.784.687590.596.7
102.6109.4116.2122.2128.3
Seasonally adjusted
108.4109.7110.8111.9112.9113.8114.7115.7116.8117.9118.9119.9120.7
107.3108.4109.2110.1110.9111.6112.1113.0113.9114.6115.6116.5117.1
111.2113.3115.2116.8118.2119.5121.3122.9124.7126.4127.7129.1130.2
1.11.21.01.0.9.8.8.9
1.0.9.8.8.7
1.01.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
.5
1.21.91.71.41.21.11.51.31.51.41.01.1.9
4.93.93.23.34.84.84.64.43.53.6
4.24.13.23.34.14.14.03.72.63.1
6.53.53.43.46.96.16.66.25.25.0
Not seasonally adjusted
4.44.44.54.44.23.73.43.53.53.63.73.63.3
4.03.73.73.73.43.02.72.62.72.73.13.12.9
5.86.26.46.26.35.55.25.25.65.85.45.04.4
1 Employer costs for employee benefits.NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence1 of employment shifts among occupations and industries.
Data exclude farm and household workers.Source: Department of Labor, Bureau of Labor Statistics.
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Period
1983198419851986198719881989199019911992. ..1993*
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: IV
1991- IIIm ....IV
1992: IIIIll ....IV
1993: IIIIll ....IV...
19831984198519861987198819891990199119921993*
1991: IIIm ....IV
1992: IIIm ....IV
1993: IIIIll ....IV*....
Output per hour ofall persons
Businesssector
Nonfarmbusiness
sector
Output l
Businesssector
Nonfarmbusiness
sector
Hours of allpersons 2
Businesssector
Nonfarmbusinesssector
Compensation perhour 3
Businesssector
Nonfarmbusinesssector
Real compensationper hour 4
Businesssector
Nonfarmbusinesssector
Unit labor costs
Businesssector
Nonfarmbusinesssector
Implicit pricedeflator 5
Businesssector
Nonfarmbusinesssector
1982 = 100; quarterly data seasonally adjusted
102.3104.8106.3108.5109.6110.7109.9110.7111.8115.5117.6
101.1103.1105.4107.0108.3110.6110.9109.7110.5
110.9111.6111.8112.8
114.1114.8116.0117.1
116.6116.6117.6119.6
102.5104.7105.6107.7108.6109.6108.6109.1110.3113.7115.7
101.1103.3105.3106.0107.4109.5110.0108.5108.9
109.4110.2110.4111.3
112.4113.1114.1115.3
114.8114.7115.8117.5
104.1112.6116.7119.9124.8130.1132.3133.3131.6135.4140.3
100.0107.5114.4118.0120.6127.4131.7132.3132.1
131.0131.5131.5132.4
133.3134.5136.0137.9
138.0139.3140.4143.5
104.4113.0116.8120.1125.0130.6132.7133.5131.8135.4140.6
100.0108.1114.8118.2120.8127.6132.5132.7132.2
131.2131.7131.8132.6
133.3134.4135.9137.9
138.1139.5140.9143.8
101.8107.4109.8110.5113.8117.5120.4120.5117.7117.3119.4
98.9104.3108.5110.2111.3115.1118.8120.6119.6
118.1117.8117.6117.3
116.8117.1117.2117.7
118.3119.5119.4120.1
101.9107.9110.7111.5115.1119.1122.2122.4119.5119.1121.5
99.0104.7109.0111.4112.5116.5120.5122.3121.4
119.9119.5119.4119.2
118.7118.8119.0119.6
120.3121.6121.7122.3
103.8108.3113.2118.9123.1128.5133.0140.6147.4154.9160.8
102.1105.3109.9115.6120.9125.8130.6134.9143.5
144.9146.6148.2150.1
152.2153.7156.1157.8
159.1160.1161.6162.7
104.0108.3112.8118.4122.5127.7131.9139.2146.2153.7159.2
102.1105.2109.9115.0120.4125.1129.8133.9142.1
143.7145.4147.1148.8
150.9152.6154.8156.6
157.7158.4159.8161.0
100.6100.6101.5104.7104.6104.8103.5103.8104.5106.5107.4
100.6100.5100.7102.4105.6105.1104.7103.4103.4
103.7104.3104.6105.1
105.9106.1106.9107.2
107.3107.1107.6107.6
100.8100.6101.2104.3104.1104.2102.7102.8103.6105.7106.3
100.6100.4100.7101.8105.2104.6104.1102.6102.5
102.8103.4103.8104.2
104.9105.3106.0106.3
106.3106.0106.4106.4
101.5103.4106.5109.5112.3116.0121.0127.1131.9134.1136.8
101.0102.1104.3108.0111.6113.7117.9123.0129.8
130.6131.4132.6133.1
133.4133.9134.5134.8
136.4137.3137.4136.1
101.5103.4106.8110.0112.8116.5121.5127.6132.6135.1137.6
101.0101.9104.4108.5112.2114.3118.0123.4130.5
131.3132.0133.2133.7
134.3134.9135.6135.8
137.4138.2138.0136.9
103.4107.7111.2113.6116.6120.8126.1131.2136.1139.2142.5
101.1104.8109.0112.4114.6117.9122.8127.8133.2
134.8135.8136.6137.2
138.3139.1138.7140.6
141.6142.5142.8143.2
104.0107.6111.6114.2117.2121.4126.5131.8137.0140.3143.6
101.4105.2109.0112.9115.2118.5123.4128.2134.0
135.7136.6137.5138.2
139.3140.2139.8141.8
142.7143.5143.9144.1
Percent change; quarterly data at seasonally adjusted annual rates
2.32.41.42.11.01.0
-.7.7
1.03.31.8
1.52.5
.63.7
4.72.54.23.8
-1.6-.03.36.9
2.52.2.8
2.0.8.9g.4
1.13.11.7
1.92.7
.83.4
3.82.83.64.2
-1.8
^4.06.1
4.18.23.62.84.14.31.7
.7-1.3
2.93.6
-3.31.4.1
2.7
2.93.44.65.6
.53.83.29.3
4.48.23.42.84.14.41.7.6
-1.32.73.8
-3.11.5.3
2.7
2.13.34.46.0
.64.04.18.6
1.85.62.1.6
3.03.32.5.1
-2.3
^1.8
-4.7-1.1-.5
-1.0
-1.81.0.4
1.8
2.13.8-.12.2
1.95.92.5.8
3.23.52.6
.2-2.4-.42.1
-4.9— 1.1-.6
Y
-1.6.5.8
1.8
2.54.4
.12.3
3.84.34.55.03.64.43.55.74.95.03.8
4.14.84.55.2
5.74.16.24.6
3.32.53.92.9
4.04.14.15.03.54.23.35.55.05.13.6
4.44.94.64.9
5.64.75.94.6
2.91.93.72.8
0.6.0.9
3.1-.1
.2-1.3
.3
.62.0.8
1.02.41.31.9
2.9.7
3.01.3
.2-.62.0
— .1
0.8-.2
.63.1
-.2.1
-1.4.1.8
2.0.6
1.22.61.41.6
2.91.32.71.3
2-1.2
1.8j
1.51.93.02.82.53.44.35.03.81.72.0
2.52.23.81.4
.91.61.9
.7
5.02.5.5
-3.8
1.51.93.32.92.63.24.35.13.92.01.8
2.52.23.71.5
1.71.82.2
.4
4.82.3
— .4-3.1
3.44.13.32.22.63.64.44.13.72.32.4
4.83.12.41.7
3.32.4
-1.25.6
2.72.61.11.0
4.03.53.72.42.63.64.24.23.92.42.3
4.92.72.62.2
3.22.7
-1.15.6
2.52.41.1.5
1 Output refers to gross domestic product originating in the sector in 1987 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for trie self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5 Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.'Based on GDP release of March I, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization rose in March.
INDEX, 1987 > 100' (RATIO SCALE) INDEX, 1987 « 100' (RATIO SCALE)130
120
110
100
130
120
110
100
90
130
120
110
100
90
TOTAL INDUSTRIAL PRODUCTION
— v-—r~"IN I inn
MANUFACTURING
/~~~~\,^^°~
H M
DUPABLE
**-
U ! 1 1 1 1 1 1 1
S
NONDURABLE
UTIlfTIES AND MINING
\ /
^>x —
„ f f
~^~^.
1990
---',/
x. imLniES*v_
M i l l
1991
MINING1 1 1 1 1 1 1 1 1 1 1
1992
/ \ /f\
S_^— -
inn
\^^—
1 1 1 1 1
1993
\
/"
I l l , ,
1994
150
140
130
120
110
100
90
80
70
PER86
84
82
80
78
76
FINAL PRODUCTS ^
BUSINESS 'EQUIPMENT '
^^
%--.-
| |n||
N -^~~
^ /
"v.\
DEFENSEAND SPACEQUIPMEN
M 1 1 I I 1 1 1 1 1
S
\
"
CONSUMERGOODS
" x _
r
1
"x'v,._
II 1 II 1 1 1 1 1 1 M M )
INT'
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
s^s~-^ /r^V
mil l
1990
\y~/^y/r^~/
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11991 1 1992
f~-^
11993
I M l i i l l l
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1984198519861987198819891990199119921993
1993- MarApr
JuneJulyAutrSept . .OctNovDee r
1994- Jan r
Feb T
Mar"
Totalindustrial
production
Index,1987 = 100
92.894.495.3
100.0104.4106.0106.0104.1106.5110.9
110.0110.5110.0110.4110.9111.1111.3111.9112.8114.0
114.4115.0115.6
Percentchange
from yearearlier
9.31.7.9
4.94.41.5.0
-1.82.34.1
4.23.93.04.03.84.34.44.14.24.6
4.84.65.1
Industry production indexes, 1987 = 100
Manufacturing
Total
89.391.694.3
100.0104.7106.4106.1103.7106.8111.7
110.5111.3111.1111.2111.6111.8112.1112.9114.0115.4
115.5116.3117.0
Durable
88.491.893.9
100.0106.6108.6107.4103.9107.0
r 114.3
112.5113.5113.2113.0113.7113.9115.0116.2118.0120.1
120.4121.3121.9
Nondurable
90.891.594.9
100.0102.3103.7104.4103.5106.5108.7
108.2108.7108.5108.9109.1109.2108.5108.8109.1109.7
109.6110.1111.0
Mining
111.9109.0101.0100.0101.3100.0102.0100.198.297.3
96.997.497.197.996.496.697.498.096.996.9
96.998.799.7
Utilities
97.099.596.3
100.0105.0108.7109.9112.3112.0
r 116.2
117.3114.5112.4115.4118.0118.4116.2114.9116.1115.8
119.9118.5116.3
Capacity utilizationrate, percent l
Totalindustry
81.180.379.281.583.783.682.079.179.781.5
81.281.481.081.181.381.481.481.782.282.9
83.183.483.6
Manufac-turing
80.479.579.181.683.683.181.177.878.680.6
80.180.680.280.180.380.380.480.881.582.3
82.282.582.8
1 Output as percent of capacity. Source: Board of Governors of the Federal Reserve System
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES
[1987 — 100; monthly data seasonally adjusted]
Period
19841985.198619871988198919901991..19921993 '
1993: Mar
July
SeptGotNovDec '
1994: Jan r
Feb T ..Mar"
Products
Final products
Total
91.094.295.7
100.0104 8106.8107.0105.3108.0112.7
112.0112.3111.8112.1112.8112.7113.1113.8114.6115.4
116.1117.2117.3
Consumer goods
Total
92.893.796.8
100.0102 9104.0103.4102.8105.7108.7
108.9108.6107.8108.1108.9108.6108.5109.2109.7110.1
110.6111.8111.5
Dura-ble
goods
91.091.694.5
100.0104.6106.6102.395.2
102.0110.5
110.3110.9109.0107.2108.2107.3108.7112.7115.8118.2
119.0122.3119.5
Nondur-able
goods
83.494.497.6
100.0102.4103.2103.8104.9106.8108.2
108.6108.0107.4108.3109.1109.0108.4108.2107.9107.9
108.3108.8109.3
Equipment
Total '
89.294.894.5
100.0107.6110.9112.1108.9111.2118.5
116.4117.7117.7118.0118.5118.6119.8120.4121.8123.1
124.0125.0125.6
Busi-ness
85.491.193.1
100.0110.7115.5116.9115.7122.2134.6
131.5133.1133.5133.9134.6134.8136.3137.7139.7141.8
143.1144.7145.7
De-fenseand
spaceequip-ment
78.989.496.0
100.099.7
100.198.891.683.174.8
76.876.975.674.974.674.073.772.772.571.5
70.969.869.1
Intermediate products
Total
86.288.391.9
100.0101.8102.0101.296.899.0
102.6
101.4102.2101.7101.8102.9103.3103.0103.5104.3105.4
105.2105.0105.8
Con-structionsupplies
86.289.193.8
100.0101.5100.598.291.093.396.8
95.194.895.995.396.497.397.898.699.5
101.3
100.199.1
100.3
Busi-nesssup-plies
86.287.790.7
100.0102.0103.0103.2100.7102.8106.5
105.7107.2105.5106.1107.3107.2106.4106.7107.5108.1
108.6108.9109.5
Materials
Total
96.696.695.9
100.0105.0106.7106.8105.4107.7111.9
110.8111.4111.1111.7111.7112.1112.2112.8113.9115.5
115.8116.3117.2
Energy
103.8103.499.5
100.0102.2103.1104.2104.5103.9103.7
104.6104.1102.9104.4103.6103.7103.1103.0103.1103.2
104.3104.9105.1
1 Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Period
19841985....1986198719881989199019911992 .1993 r
1993- Mar
July
SeptOctNovDec T
1994: Jan *Feb 'Mar<>
Durable manufactures
Primary metals
Total
102.4101.893.7
100.0108.7107.2106.598.3
101.1106 5
104.3105.0105.0105.6105.6107.2107.3106.1109.8113.0
110.4110.4111.0
Ironandsteel
105.9104.590.8
100.0112.7111.2111.5100.5104.7111.6
108.2108.9109.1111.1111.9112.8112.4113.3114.4119.1
115.6116.1116.5
Fabri-catedmetalprod-ucts
93.394.593.8
100.0104.2102.899.594.995.699.5
98.899.298.598.399.699.699.6
100.7102.1102.6
103.6103.1104.2
Industri-al
machin-ery andequip-ment
80.886.890.3
100.0113.0117.3117.6113.8123.4144.1
136.9140.1141.6143.3146.1147.1148.4150.3152.0155.7
157.0158.2161.3
Electri-cal
machin-ery
94.193.194.3
100.0108.5111.0111.4112.7115.7127.5
124.3125.6125.7126.4128.6129.5130.9131.4132.1134.3
134.7136.0137.8
Transportationequipment
Total
83.191.896.9
100.0105.2109.6107.0101.9102.8104.2
105.8105.9104.2101.298.998.5
100.4104.2108.3110.7
111.8114.9111.6
Motorvehi-clesand
parts
90.699.098.5
100.0105.7106.9101.094.5
106.4120.7
120.6120.9118.5114.7110.2110.6115.1124.1132.4138.5
141.7149.4143.1
Lum-ber and
prod-ucts
86.088.095.1
100.0100.199.497.190.696.5
100.6
98.498.398.297.699.6
100.9101.8104.6104.9105.2
104.9104.1104.4
Nondurable manufactures
Appar-el
prod-ucts
95.792.696.3
100.098.195.092.291.893.693.1
93.493.393.593.693.693.292.192.192.693.1
92.392.194.0
Print-ing and
pub-lishing
84.587.690.6
100.0100.9101.1100.896.999.0
101.3
101.1102.6101.1101.3101.6100.9101.1101.6101.7101.9
101.9102.3102.9
Chemi-calsand
prod-ucts
91.491.494.6
100.0106.0109.2111.8111.4114.3117.8
117.1117.3117.6118.3118.6118.8118.3117.8118.8119.3
120.0120.5121.0
Foods
92.194.997.4
100.0101.5102.5103.7105.3107.7108.6
108.4108.2107.9108.8108.8109.6109.0109.0108.4109.0
108.5109.5110.2
Source: Board of Governors of the Federal Reserve System.
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION[Monthly data seasonally adjusted]
Period
1984198519861987198819891990199119921993
1993- Mar
May
July
SeptOct
Dec
1994: Jan '.Feb r
Mar"
Total newconstructionexpenditures
Private
Total
Residential
Total ' New housing
Commercialand
industrial 2Other
Federal,State, and
local
Billions of dollars
348.8377.4407.7419.4432.3443.6442.1403.4436.0470.1
454.5449.1453.3460.7466.6468.5477.1488.7497.9508.7
496.9491.7495.4
278.6299.5323.1328.7337.5345.5334.7293.5317.3343.0
153.8158.5187.1194.7198.1196.6182.9157.8187.8208.1
337.0328.1332.2335.0337.9341.4345.6354.5364.5371.4
366.1361.3368.5
205.5197.3198.4200.5204.6206.6209.5215.9222.8229.2
230.2231.0234.4
113.8114.7133.2139.9138.9139.2128.0110.6129.6144.5
Annual rates
141.8137.7138.3139.3141.1143.0145.7150.0155.7162.1
162.3162.9166.3
74.089.884.484.088.094.396.477.065.868.1
67.465.667.467.165.667.068.370.272.573.4
71.266.769.0
50.851.351.650.151.554.655.458.763.766.8
64.065.266.467.467.767.867.868.469.268.8
64.863.665.1
70.277.884.690.694.898.1
107.5109.9118.8127.2
117.5120.9121.0125.7128.7127.2131.6134.2133.4137.3
130.8130.4126.9
Construction contracts 3
Total valueindex
(1987 = 100)
839196
100101105958997
103
r9910195
106105
r!05r!06
110108
r!06
106108110
Commercialand industrial
floor space(millions ofsquare feet)
9551,0971,0161,019
973961783577556575
Annual rates
519526514521571533544561566628
633592742
1 Includes residential improvements, not shown separately.3 Includes hotels and motels.1 F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information SystemsCompany, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
1984198519861987 ,198819891990199119921993
1993- Mar
May
July
SeptOctNovDec
1994- Jan r
Feb 'Mar *
New private housing units
Units started, by type of structure
Total
1,749.51,741.81,805.41,620.51,488.11 376 11,192.71,013.91,199.71,287.6
1 unit
1,084.21,072.41,179.41,146.41,081.31,003.3
894.8840.4
1,029.91,125.7
2-4 units
121.493.484.065.358.855.237.535.630.729.4
5 or more units
544.0576.1542.0408.7348.0317.6260.4137.9139.0132.6
Unitsauthorized
1,681.81,733.31,769.41,534.81,455.61,338.41,110.8
948.81,094.91,214.2
Unitscompleted
1,652.21,703.31,756.41,668.81,529.81,422.81,308.01,090.81,157.51,192.7
New private homes
Homes sold
639688750671676650534509610
r666
Seasonally adjusted annual rates
1,0921,2321,2411,2381,2451,3191,3591,4091,4061,612
1,2711,3141,473
9571,0821,1001,0671,0761,1781,1601,2311,2481,383
1,1251,1201,247
30272630531732313021
233332
105123115141116124167147128208
123161194
1,0341,1011,121i.iis1,1621,2421,2711,3041,3741,476
1,3581,2501,318
1,1051,2121,1371,1681,0971,2481,1721,2481,2481,289
1,2211,342
600685635641647645738723766
r817
640665739
Homes forsale at end of
period !
353346357366368365321284266
r294
270271273274277286288291294
r294
297302304
Vacancv rate,for rental
housing units(percent) 2
5.96.57.37.77.7
2 7.47.27.47.4
2 7.4
r7.8
7.6
7.1
6.9
7.5
1 Seasonally adjusted.2 Revised series beginning 1989 and 1993; not comparable
cred in last month of quarter.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 datai earlier data. Quarterly data en- are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn February, manufacturing and trade sales rose 1.2 percent and inventories rose $4.7 billion. According toadvance data, retail sales rose 0.4 percent in March, following a rise of 1.6 percent in February.
BILLIONS OF DOLLARS* (RATIO SCALE)1,000
900
800
700
600
500
400
300
200
!
^~~^
1990
MANTRA
— ' '
MAh
III 1 Ml Illl
1991
\UFACTURINGDE INVENTO
T^\^NUFACTURI-ID TRADE SA
III l ill III i1992
-"" 1
ANDRIES
•4GLES
1993
1 III Illl I II
1994
BILLIONS OF DOLLARS* (RATIO SCALE]300
250
200
150
100
RETAIL INVENTORIES
RETAIL SALES
RATIO "
COUNCIL Of ECONOMIC ADVISERS
Period
1984198519861987198819891990199119921993
1993- Feb r
MarAprMayJuneJuly
SeptOctNovDec
1994- Jan r
Feb 'Mar p
' See page 21 for mam2 Annual data are aver
fi l fy adjusted totals for mo
Manufacturing andtrade 1
Sales 2 Inven-tories 3
Wholesale
Sales 2 Inven-tories 3
Retail
Sales 2
TotalDurablegoodsstores
Nondura-ble goods
stores
Inventories 3
TotalDurable
goodsstores
Nondura-ble goods
stores
Millions of dollars, seasonally adjusted, except as noted
411,427423,940431,786459,107496,819523,260542,349537,598559,799592,201
584,412r583,605585,097587,202589,551585,266591,937595,536599,649606,711612,462
610,256617,632
651,551665,835664,624711,725767,538813,637837,120832,852841,831865,584
846,950851,282854,209856,288856,853857,008858,979860,885862,110866,720865,584
867,065871,804
113,502114,816116,326124,340135,170143,754148,859146,834152,031160,213
158,782157,181159,555161,594158,978160,450161,054161,020161,316162,135161,797
163,283164,592
144,223149,155155,445165,814180,535188,566196,935201,462208,757216,586
209,208210,081211,612211,859212,060213,118214,813215,071214,687216,011216,586
216,651218,415
107,243114,586120,803128,442138,108146,782154,031155,246163,258173,468
168,830r 167,445
170,428171,601172,274173,136174,327174,428177,862179,002180,943
178,643181,510182,265
37,87341,51045,05747,98952,48254,89455,94454,45658,94265,383
61,469r61,057
62,95264,03964,67565,32266,46565,89968,45969,61471,048
69,61570,71171,511
69,36973,07575,74680,45385,62691,88898,088
100,790104,316108,085
107,361r 106,388
107,476107,562107,599107,814107,862108,529109,403109,388109,895
109,028110,799110,754
167,812181,881186,510207,836219,581238,160241,117245,042253,836271,573
258,510261,662262,290262,838263,467262,329262,774265,125267,122270,528271,573
271,506273,039
79,07488,31589,983
105,481112,690121,716121,666119,739123,520135,757
126,562128,335128,879128,831129,318128,025128,243129,416131,360134,023135,757
137,492138,027
88,73893,56696,527
102,355106,891116,444119,451125,303130,316135,816
131,948133,327133,411134,007134,149134,304134,531135,709135,762136,505135,816
134,014135,012
Inventory-sales ratio 4
Manufac-turing
andtrade '
1.531.551.551.501.491.531.531.541.501.45
1.451.461.461.461.451.461.451.451.441.431.41
1.421.41
Retail
1.491.521.561.561.541.581.561.551.521.52
1.531.561.541.531.531.521.511.521.501.511.50
1.521.50
factnring. 3 Seasonally adjusted, end of period,ages of monthly not seasonally adjusted figures; monthly data are season- 4 Annual data are averages of seasonally adjusted monthly ratios.n ' Source: Department of Commerce, Bureau of the Census.
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn February, manufacturers' shipments and inventories rose, while new and unfilled orders fell. In March, accordingto advance data, durable goods manufacturers' shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS' (RATO SCALE)
320
280
240
200
160
120
80
X
M M ! MM!
TOTAL
TDL
V ^NONDURAB
1 1 1 1 1 1 1 1 ! 1 1
JRABLEGOOC
E GOODS
1 1 1 1 1 1 1 1 II 1
1 ""H
>s
M M 1 MM!
f
—
1 M M M M 1
BILLIONS OF DOLLARS* (RATIO SCALE)
320
280
240
200
160
120
80
NEW ORDERS
TOTAL
. ^ / . . ^
,
/ \v
1 1 1 1 1 1 1 1 1 1 !
1990
~*^/ ^— s
;\-ir-V--"-*-
1 1 1 1 1 1 1 1 1 1 11991
PI
*
NOND
1992
r~"~~^1
JRABLEGOO
.-,)--?
URABLEGOO
1 1 1 1 1 1 1 M 1 1
1993
"
is*-
3S
1994
480440400360
320
280
240
200
160
120
80
INVENTORIES
.
. *
1 t 1 1 II I! 1 II
'
\
L DURABLE C
NO
Minium
i — r — |
OODS
\sIDURABLEGC
M 1 M I 1 1 1 M
.11 i— — i i ,
5ODS
M M 1 1 M M t M M 1 1 M M 1
RATIO*
2.20
2.00
1.80
1.60
1.40
1.20
INVENTORY-SHIPMENTS RATIO
1990 1991 1992 1993 1994
* SEASONMiY ADJUSTEDSOUJCE: DEPARTMENT OF COMMEBO2 COUNOl Of ECONOMC AMSBiS
Period
1984198519861987198819891990199119921993
1993- FebMar
May
July
SeptOct . . ..NovDec
1994: JanFeb 'Mar'
Manufacturers' shipments 1
Total Durablegoods
Nondurablegoods
Manufacturers' inventories z
Total Durablegoods
Nondurablegoods
Manufacturers' new orders *
Total
Durable goods
Total
Millions of dollars, seasonally adjusted, except as noted
190,682194,538194,657206,326223,541232,724239,459235,518244,511258,520
256,800258,979255,114254,007258,299251,680256,556260,088260,471265,574269,722
268,330271,530
97,940101,279103,238108,128117,993121,703122,387119,151125,553135,981
134,133135,537132,763132,307135,042129,257134,521137,521138,153142,665146,182
144,709146,233147 049
92,74293,25991,41998,198
105,549111,022117,072116,367118,958122,539
122,667123,442122,351121,700123,257122,423122,035122,567122,318122,909123,540
123,621125,297
339,516334,799322,669338,075367,422386,911399,068386,348379,238377,425
379,232379,539380,307381,591381,326381,561381,392380,689380,301380,181377,425
378,908380,350
221,330218,212212,006220,776241,402256,065259,988249,117237,717236,303
237,034236,849237,043237,734237,514237,937237,688237,571237,632237,886236,303
238,172238,974
118,186116,587110,663117,299126,020130,846139,080137,231141,521141,122
142,198142,690143,264143,857143,812143,624143,704143,118142,669142,295141,122
140,736141,376
192,879195,706195,204209,389227,026235,932240,646234,354241,545255,701
257,250253,007252,369248,335255,462250,566253,461255,309258,270262,773266,351
272,616271,275
100,164102,356103,647110,809121,445124,933123,556117,878122,614133,273
134,533129,903129,838126,783132,252128,520131,752133,176136,613139,675142,481
148,549145,798146,373
Capitalgoods
industries,non-defense
23,66924,54523,98326,09530,72932,72532,25429,46829,65331,889
32,74829,12230,45329,93133,85030,09331,99230,99232,82534,87835,059
36,63036,38536,409
Nondurablegoods
Manufac-turers'unfilledorders 2
92,71593,35191,55798,579
105,581110,999117,090116,476118,932122,428
122,717123,104122,531121,552123,210122,046121,709122,133121,657123,098123,870
124,067125,477
373,529387,095393,412430,288471,951510,459524,846511,122475,304441,947
476,535470,563467,818462,146459,309458,195455,100450,321448,120445,319441,947
446,233'445,978
Manufac-turers'inven-tory —
shipmentsratio 3
1.731.731.681.591.581.641.651.671.571.47
1.481.471.491.501.481.521.491.461.461.431.40
1.411.40
1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are season-ally adjusted totals for month. Shipments are the same as sales.
2 Seasonally adjusted, end of period.
3 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESIn March, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods rose0.5 percent and prices of other finished consumer goods rose 0.1 percent. Capital equipment prices rose 0.3percent.
INDEX, 1982 = 100 (RATIO SCALE)
130
120
INDEX, 1982= TOO (RATIO SCALE)
130
120
CONSUMER GOODSEXCLUDING FOODS
100 100
90 901986 1994
SOURCE: DEPARTMENT Of (ABC* COUNCIL Of ECONOMIC ADVISERS
[1982= 100; monthly data seasonally adjusted]
Period
1984198519861987198819891990 ....19911992 . ...1993 "
1993- Mar
May
July
SeptOctNov r.Dec
1994- JanPeb .Mar
Finished goods
Totalfinishedgoods
103.7104.7103.2105.4108.0113.6119.2121.7123.2124.7
125.1125.7125.7125.1125.1124.1124.3124.2124.3124.2
124.5125.1125.4
Con-sumerfoods
105.4104.6107.3109.5112.6118.7124.4124.1123.3125.7
124.7126.3125.8125.1125.0125.4126.1125.9126.9127.7
127.3126.8127.4
Finished goods excluding consumer foods
Total
103.2104.6101.9104.0106.5111.8117.4120.9123.1124.4
125.2125.5125.5125.0125.0123.7123.7123.6123.5123.1
123.7124.5124.7
Consumer goods
Total
102.2103.398.5
100.7103.1108.9115.3118.7120.8121.7
122.9123.3123.3122.6122.5120.6120.5120.6120.3119.6
120.1121.2121.3
Durable
104.5106.5108.9111.5113.8117.6120.4123.9125.7128.1
127.3128.0128.0128.2128.5128.9128.6127.5128.6129.0
129.7129.9130.3
Nondurable
101.1101.793.394.997.3
103.8111.5115.0117.3117.6
119.7119.9119.9118.9118.5115.6115.7116.2115.3114.1
114.6116.0116.0
Capitalequip-ment
105.2107.5109.7111.7114.3118.8122.9126.7129.1131.4
131.0131.3131.3131.2131.6131.8131.9131.4131.8132.2
133.0133.1133.5
Totalfinished
con-sumergoods
103.3103.8101.4103.6106.2112.1118.2120.5121.7123.0
123.6124.3124.2123.5123.4122.1122.3122.3122.4122.1
122.3123.0123.2
Intermediate materials
Total
103.1102.799.1
101.5107.1112.0114.5114.4114.7116.2
116.3116.6116.3116.3116.3116.3116.3116.4116.6116.2
116.4116.9117.1
Foodsand
feeds 1
105.797.396.299.2
109.5113.8113.3111.1110.7112.7
110.2111.4111.5110.4113.1113.8113.3114.0115.3117.2
117.4118.3117.9
Other
103.0103.099.3
101.7106.9111.9114.5114.6114.9116.4
116.6116.9116.5116.7116.5116.4116.4116.5116.7116.2
116.4116.9117.1
Crude materials
Total
103.595.887.793.796.0
103.1108.9101.2100.4102.4
101.8103.0105.2103.6101.5100.8101.5103.7103.4101.2
102.5101.2104.0
Food-stuffsand
feed-stuffs
104.794.893.296.2
106.1111.2113.1105.5105.1108.3
106.6108.4109.3105.8107.4108.6109.1107.6112.7113.1
112.1113.5112.4
Other
102.296.981.687.985.593.4
101.594.693.594.7
94.995.598.698.293.892.092.897.193.589.8
92.589.594.7
1 Intermediate materials for food manufacturing and feeds. Source: Department of Labor, Bureau of Labor Statistics.
22
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICES—ALL URBAN CONSUMERSIn March, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted and notseasonally adjusted. The index was 2.5 percent above its year-earlier level.
INDE
150
140
130
120
110
100
90
80
,
K, 1982-84 = 100 (RATIO SCALE) INDEX, 1982-84 - 100 (RATIO SC
SEASONAL? ADJUSTED
_, 1
CONSUMER PRICES— ALL ITE
\^
I I f M 1 M M I
1986
EE NOTE ON TABLE BE.OURCE: DEPARTMENT
^q
! 1 1 1 1 1 I 1 1 ! 1
1987
LOWOf LABOR
^
\ 1 1 1 ! 1 I 1 1 1 f
1988
/ 1
| 1 1 M 1 M 1 ! 1
1989
M 1 1 1 1 1 M 1 1
1990
MS ^__^_^-
1 1 1 II M 1 1 M
1991
__
1 I 1 1 M 1 1 1 M
1992
^ -
1 1 | M 1 1 1 M 1
1993
COUNCIL OF
—
1 1 1 M 1 1 I I 1 !
1994
ECONOMIC ADVISERS
>LE)
150
140
130
120
110
100
90
80
[1982-84=100, except as noted; month!}' data seasonally adjusted, except as noted]
Period
1984198519861987198819891990199119921993
1993:MarAprMay
July
SeptOctNovDec
1994:JanFebMar
All items '
Notseason-
allyadjust-
ed(NSA)
1000103.9107 6109.61136118.31240130.71362140.31445
143.6144.0144.2144.4144.4144.8145.1145.7145.8145.8
146.2146.7147.2
Sea-son-ally
adjust-ed
143.5144.0144.3144.4144.6145.0145.1145.6146.0146.3
146.3146.7147.2
Food
15.8103.2105.6109.0113.5118.2125.1132.4136.3137.9140.9
139.9140.2141.1140.7140.7141.2141.6142.3142.6143.3
143.1142.7142.9
Housing
Total '
41.4103.6107.7110.9114.2118.5123.0128.5133.6137.5141.2
140.0140.5140.8141.1141.2141.6141.9142.2142.5142.8
142.9143.5144.0
Shelter
Total
27.9104.0109.8115.8121.3127.1132.8140.0146.3151.2155.7
154.2154.7155.1155.4155.6156.0156.3156.6157.1157.5
157.8158.6159.2
Rent-ers'costs(Dec.
1982 =100)
8.0108.6115.4121.9128.1133.6138.9146.7155.6160.9165.0
162.9163.6164.0164.2164.3164.5164.8165.6165.8166.3
166.3167.0167.7
Home-own-ers'
costs(Dec.
1982 =100)
19.8107.3113.1119.4124.8131.1137.3144.6150.2155.3160.2
158.9159.4159.7160.1160.4160.8161.1161.3161.9162.4
162.8163.6164.3
Mainte-nance
andrepairs(NSA)
0.2103.7106.5107.9111.8114.7118.0122.2126.3128.6130.6
131.5131.8131.6131.2131.3131.6131.3130.8127.9127.6
128.9129.4129.3
Fueland
otherutili-ties
7.3104.8106.5104.1103.0104.4107.8111.6115.3117.8121.3
120.4120.8121.0121.4121.8122.2122.4122.5122.4122.3
121.8122.9123.3
Appar-el andupkeep
5.9102.1105.0105.9110.6115.4118.6124.1128.7131.9133.7
134.2134.0133.6133.1133.0133.9133.4133.2134.1133.9
133.8133.4134.0
Transportation
Total '
17.0103.7106.4102.3105.4108.7114.1120.5123.8126.5130.4
129.7130.0130.1130.0130.5130.6130.6131.9131.9131.7
131.4132.0132.8
Newcars
4.0102.8106.1110.6114.6116.9119.2121.0125.3128.4131.5
130.1130.7131.0131.2131.6132.2132.5132.9133.1133.2
133.3133.9134.5
Motorfuel
3.097.998.777.180.280.988.5
101.299.499.098.0
101.1100.598.997.296.995.394.198.396.695.3
94.896.897.0
Medi-cal
care
7.1106.8113.5122.0130.1138.6149.3162.8177.0190.1201.4
198.1199.3200.7201.5202.4203.0203.8204.8205.4206.1
206.7207.3207.8
Ener-gy2
7.0100.9101.688.288.689.394.3
102.1102.5103.0104.2
104.7104.8104.2103.7103.7103.0102.6104.5103.6102.9
102.1103.7104.1
Allitemslessfoodand
energy
77.2104.6109.1113.5118.2123.4129.0135.5142.1147.3152.2
151.1151.6152.0152.3152.6153.0153.1153.5154.1154.4
154.6155.0155.5
1 Includes items not shown separately.2 Household fuels—-gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.3 Relative importance, December 1993.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership tand therefore are not strictly comparable with figures for earlier period.s.
Data beginning 1987 and 1988 calculated on a revised basis.Source: Department of Labor, Bureau of Labor Statistics.
23
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
1984198519861987198819891990199119921993"
1993: MarAprMayJuneJuly
SeptOctNov 'Dec
1994: Jan.FebMar.
Change from preceding period
Totalfinishedgoods
Consumer goods
Foods Kxclud-ing foods
Capitalequip-ment
Change, Dec. to Dec., NSA
1.71.82 32.24.04.95.7
.11.6
2
3.5.6
2.8-.25.75.22.6
-1.51.62.4
0.82.1
-6.64.13.15.38.7
— .71.6
— 1.4
1.82.72.11 33.63.83.42 51.71.9
Change, month to month
0.2.5
0-.50-.8
.2
.1
.1-.1
2.5.2
0.21.3
-.4-.6-.1
.3
.6-.2
.8
.6
-.3-.4
.5
0.3.3
0-.6-.1
-1.6-.1
.1_ 2
r-.6
.4
.9
.1
0.2.2
01
.3
.2
.1— .4
.3
.3
.6
.1
.3
Change from 3 months earlier, annual rate
Totalfinishedgoods
3.94.62.90
-1.9-5.0-2.5— 2.8
.6-.3
1.02.63.9
Consumer goods
Foods
05.94.21.3
-4.1-1.3
3.22.94.95.2
4.5r-.3
9
Excludingfoods
5.75.02.6
-1.0-2.6-8.5-6.7-6.1-1.0-3.0
-1.6r3.05.8
Capitalequipment
4.12.81.5.6.9
1.52.2
-.60
.9
5.04.04.0
Change from (> months earlier, annual rate
Totalfinishedgoods
2.32.82.91.91.3
-1.1-1.3-2.4-2.2-1.4
-1.01.61.8
Consumer goods
Foods
1.53.13.6
.6
.81.52.3
Q
1.84.2
3.72.22.1
Excludingfoods
2.52.82.82.31.2
-3.1-3.9-4.3-4.8-4.8
-3.91.01.3
Capitalequipment
2.33.02.62.31.81.51.4.2.8
1.5
2.12.02.4
Changefrojnyear
earlier,total
finishedgoods
NKA
2.11.0
— 1.42.12 55.24.92.11.21.2
2.02.52.11.31.3.5.4.2.4.2
.222
Souree: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
1984198519861987198819891990199119921993
1993: MarAprMayJuneJuly ....AugSeptOctNovDec
1994: JanFebMar
Allitems 1 Food
Housing
Total >
Shelter
Total 'Rent-ers'
costs
Home-owners'
costs
Fueland
otherutili-ties
Ap-parelandup-
keep
Transportation
Total 'Neivcars
Motorfuel
Medi-cal
care
Ener-gy2
Allitemslessfoodand
energy
Change, December to December, NSA
393.81.14.44.44.66.13 12.92.7
3.82.63.83.55.25.65.31 91.52.9
4.34.31.73.74.03.94.53.42.62.7
5.26.04.64.84.54.95.23.92.93.0
5.96.35.03.93.94.56.74.22.82.6
5.15.94.65.34.75.14.73.72.93.2
4.21.8
-5.61.62.93.24.02.92.32.5
2.02.8
.94.84.71.05.13.41.4.9
3.12.6
-5.96.13.04.0
10.4-1.5
3.02.4
2.53.45.91.82.12.31.43.32.32.8
-2.43.1
-30.718.7
-2.16.8
36.5-16.0
1.8-5.4
6.16.87.75.86.98.59.67.96.65.4
0.21.8
-19.78.2
.55.1
18.1-7.4
2.0-1.4
4.74.33.84.24.74.45.24.43 33.2
Change, month to month
0.2.3.2.1.1.3.1.3.32
0.3.3
0.2.2.6
-.30
.4
.3
.5
.2
.5
— .1g
.1
0.4.4.22
.1
.32
.2
.2
.2
.1
.4
.3
0.2.3.3.2.1.3.2.2.3.32
.5
.4
0.2.4.2.1.1.1.2.5.1.3
0.4.4
0.2.3_2.3.22
.2
.1
.4
.3
.2
.5
.4
1.2.3.2.3.3.3.2.1
-.1— .1
— .4.9.3
-0.1-.1-.3-.4-.1
.7— .4-.1
.7-.1
-.13
.4
0.2.2.1
-.1.4.1
01.00-.2
__ 2.5.6
0.2.5.2.2.3.5.2.3.2.1
.1
.5A
-0.2-.6
-1.6-1.7-.3
-1.7-1.3
4.5-1.7-1.3
-.52.1
2
0.3.6.7.4.4.3.4.5.3.3
.3
.32
0.8.1
-.6— .50
Y-.41.9
-.9n
-.81.6.4
0.2\3.3.2.2.3.1.3.42
.1
.3
.3
Addendum: All items, percent change(annual rate)
Promprevi-
ous
r?
2.8
3.1
2.0
3.1
1.9
From3
monthsearlier
3.13.73.12.51.72.02.02.82.83.3
1.91.92.5
From6
monthsearlier
3.33.33.12.82.72.52 22.22.42.6
2.42.42.9
Fromyear
earlier
NSA
4 33.61.93.64.14.85.44.23.03.0
3.13.23.23.02.82.82.72.82.72.7
2.52.52.5
1 Includes items not shown separately.2 Household fuels-—gas (piped), electricity, fuel (
excluded beginning 1983.il, etc.—-and motor fuel. Motor oil, coolant, etc.,
3 Quarterly changes are shown in the last month of the quarter.Source: Department of Labor, Bureau of Labor Statistics.
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSIn April, prices received by farmers fell 1.4 percent from their March level. Prices paid by farmers in April were 1.0percent above their January level. (Data are not seasonally adjusted).
INDE
240
220
200
180
160
140
120
100RATK140
120
100
80
60
X, 1 977=1 00 (RATIO SCALE) INDEX, 1 977=1 00 (RATIO SC
j_
^s—\
1 1 1 1 1 1 1 1 ) 1 I
_/
S^
1 1 1 1 1 J 1 1 1 I (
,_ ^~~~
~S'~'
^J
t I I ! I 1 I i I I i
,_ ««•
—
i i i i i 1 i i i i i
PKIC-tb PAID//__/ '
^H'RICES RECEIVEE
i i i i i 1
^
^3
i i i i i 1 i i i i i
_ *
1 i i i i i
-'
J\s—
i 1 1 < < i
^
t i i i i i i i t i i
D-^ RAT
-
RATID
- "~~1 " " "1 1 1 1 1 1 1 1 1 1 1 I 1 1 I 1 1 j [ 1 ! 1 1
1986 ' 1987
I 1 1 t 1 1 1 1 I 1 1
1988
f~~—^^-
i t i i f i
1989
/__
—•p ^ .
1 i i i i i 1 i i i i i 1 i i i i i |i i i i i 1 i i i i i
1990 1 1991 ' 1992
f "1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1993 ' 1994
ALE]
240
220
200
180
160
140
120
100
0-"140
120
100
80
60
i/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[1977 — 100; not seasonally adjusted]
Period
1984198519861987198819891990199119921993
1993- AprMayJuneJuly
SeptOctNovDec
1994- JanFebMarApr
Prices received by fanners
All farmproducts
142128123127138147149146139143
146144140141144145145144145
147148148146
Crops
138120107106126134127129121123
125120113121125128130128133
135135132129
Livestock andproducts
146136138146150160170161157162
167168166161162160159158156
159161163162
Prices paid by farmers
All commodities,services,
interest, taxes,and wage rates l
164162159162169177183187189195
196(3)(3)
195(3)(3)
196(3)<3)
r!98(3)(3)
200
Productionitems, interest,
taxes, and wagerates
161156150152159167171172173178
179(3)(3>
178(3)(3>
178(3)(3)
180(3)<3)
183
Productionitems
155151144148157165171173174179
180(3)(3)
179(3)(3)
181(3)(3)
r!81(')(3)
184
Ratio 2
87797778828381787473
747371727474747374
r74757573
1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.3 Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexeshave been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source; Department of Agriculture.
25
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESM2 and M3 rose in March.
BILLIONS OF DOLLARS* (RATIO SCALE)4,8004,400
4,000
3,600
3,200
2,800
2,400
2,000
1,600
1,200
800
600
400
1986 1987
M3
1988 1989 1990
-v
BILLIONS OF DOLLARS* |RATIO SCALE)4,8004,400
4,000
3,600
3,200
1993
2,800
2,400
2,000
1,600
1,200
800
600
400
* AVERAGES Of DAILY FIGURES; SEASONAliY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1984- Dec1985: Dec1986: Dec1987: Dec1988- Dec1989: Dec1990: Dec1991: Dec1992: Dec1993- Dec T
1993: Mar
May
July . .
Sept .OctNovDec r
1994- Jan *Feb r
Mar
Ml
Sum of currency,demand deposits,travelers' checks,
and othercheckable
deposits (OCDs)
552.1619.9724.5750.1787.4794.7826.4897.7
1,024.81,128.4
1,040.21,047.11,067.71,076.61,086.81,095.31,105.11,113.41,122.41,128.4
1,133.51,138.61,142.4
M2
Ml plus overnightRPs and
Eurodollars,MMMF balances(general purpose
and broker/dealer),MMDAs, and
savings and smalltime deposits
2,377.82,575.02,818.22,920.13,081.43,239.83,353.03,455.33,509.03,563.1
3,494.83,498.03,521.93,528.7
r3,533.63,535.7
r3,543.63,545.13,556.23,563.1
3,569.43,565.93,581.2
M3
M2 plus largetime deposits,
term EPs, termEurodollars, andinstitution-only
MMMF balances
2,994.63,211.63,497.33,681.33,920.44,067.34,125.74,180.44,183.04,224.9
4,154.64,162.0
r4,187.6r4,187.8r4,186.8r4,186.5r4,195.2r4,200.6r4,212.94,224.9
4,228.54,200.44,208.7
L
M3 plusother liquid
assets
3,536.03,838.94,137.54,340.24,674.64,897.34,974.84,992.95,057.15,123.7
' 5,036.4r5,053.8r5,086.8r5,087.3'5,083.7' 5,092.5r5,085.5r5,093.2r5,104.85,123.7
5,140.8" 5, 130.9
Debt
Debt ofdomestic
nonfmancialsectors
(monthlyaverage) 1
6,006.16,901.17,778.68,543.39,306.1
10,030.710,670.111,147.311,721.512,321.5
11,822.211,869.011,914.911,979.712,037.712,092.812,145.7
r!2,181.7' 12,244.6
12,321.5
12,373.7'12,422.9
Percent change from year or 6months earlier 2
Ml
6.012.316.93.55.0.9
4.08.6
14.210.1
10.38.5
10.110.110.411.612.512.710.29.6
8.67.96.8
M2
8.78.39.43.65.55.13.53.11.61.5
j5.6
1.11.82.42.82.71.91.9
2.01.72.1
M3
11.17.28.95.36.53.71.41.3.1
1.0
-2.21 7
-.3.2
1.21.52.01.91.21.8
2.0.7.6
Debt
14.214.912.79.88.97.86.44.55.25.1
3.94.24.34.44.75.35.55.35.55.7
5.65.5
1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-leiits, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months earli-r at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve Svstem.
26
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
1984: Dec1985- Dec1986: Dec1987- Dec1988: Dec1989- Dec1990: Dec1991- Dec1992: Dec1993- Dec '1993: Mar
AprMayT '
July
SeptOctNovDec
1994: Jan '.Feb ' .Mar
Cur-rency
156.1167.9180.7196.9212.2222.6246.7267.1292.2321.4299.3301.8304.4307.2309.7312.4315.4317.6319.5321.4325.3329.2332.4
De-mandde-
posits
243.7266.6302.1287.1287.2279.8277.9290.0339.6384.8344.3349.0358.8362.2366.4370.9375.4378.4383.2
'384.8388.4390.4390.1
Othercheck-
abledepos-
its(OCDs)
147.4179.8235.6259.5280.9285.4294.0332.8384.9414.3388.5388.2396.4399.2402.8404.2406.6409.5411.8414.3412.0411.1411.8
Over-nightrepur-chaseagree-ments(RPs),
net,plusover-nightEuro-
dollars l
NSA
63.075.683.385.784.180.277.380.680.690.478.877.275.278.581.282.185.388.089.1
r90.493.691.797.4
Money marketmutual fundbalances 2
Gener-al
pur-poseand
broker/dealer
167.9177.4209.8223.5244.4320.4355.5370.4352.0348.8345.9345.9348.5347.5346.6345.5345.0344.4347.0348.8347.8343.7348.6
Insti-tutiononly
62.564.785.392.091.5
108.5135.0181.0201.5197.0197.7196.3198.0194.7192.6190.1190.8194.3194.8197.0192.7176.9177.4
Savingsdeposits,including
moneymarketdeposit
accounts(MMDAs)
704.8815.4941.0937.7926.7891.0920.4
1,041.11,183.61,215.51,182.41,185.51,195.11,200.41,202.11,205.91,208.41,208.81,211.91,215.51,220.41,221.01,222.1
Smalldenom-inationtime
depos-its 3
888.8885.7859.0922.7
1,038.61,153.71,174.51,067.4
870.5782.8846.8839.4832.4823.9
' 814.4806.2799.4
' 793.5788.0782.8777.2772.5769.6
Largedenom-ination
timedepos-its3
416.6434.3431.5475.5525.5549.1489.5425.8360.3338.9344.8
'348.8r348.2r345.3r341.8'341.6r340.4'341.6' 339.4'338.9341.1335.2332.4
Termrepur-chaseagree-ments(EPs)
NSA
57.662.480.6
106.0121.899.089.672.581.195.486.088.989.892.896.496.095.694.394.095.490.787.789.1
TermEuro-dollars(net)
NSA
82.976.583.891.0
105.779.568.757.645.645.749.848.748.745.541.944.145.2
'44.9r48.5r45.744.146.243.8
Sav-ings
bonds
74.279.591.8
100.6109.4117.5126.0137.9156.6171.7162.4163.6164.7165.9167.1168.2169.2170.1170.8171.7172.7
"173.4
Short-term
Treas-ury
securi-ties
261.0298.3280.0253.1269.3325.5332.0316.2332.5324.0
'338.4r341.8r343.4' 344.3'341.9'341.7'326.3'321.5'320.9'324.0331.5
"332.0
Bankers'accept-ances
45.442.137.144.540.240.635.923.620.616.319.419.319.218.517.416.516.416.416.116.316.6
"17.0
Com-mercialpaper
160.7207.5231.3260.6335.4346.5355.2334.8364.3386.8361.5367.1371.8370.9370.4379.5378.4384.7384.1386.8391.6
"408.0
1 Includes continuing contract RPs.z Data prior to 1983 are not seasonally adjusted.3 Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not showhere.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Period
1984- Dec1985: Dec1986- Dee1987- Dec1988- Dee1989- Dec1990- Dec1991- Dec1992: Dec1993- Dec ' .1993: Mar '
Apr 'May 'T 3 ,
July '.AUK ' .Sept 'Oct 'Nov 'Dec '
1994- Jan r
Feb' ..Mar"
Adjusted for changes in reserve requirements
Reserves of depository institutions
Total
26,84531,44838,94338,86240,39840,49241,76745,53354,35160,47655,22855,30656,74057,04857,54658,01158,81359,74960,32060,47660,60360,76360,589
Nonbor-rowed
23,65930,12938,11638,08538,68340,22741,44145,34154,22860,39455,13755,23356,61856,86757,30257,65958,38659,46460,23160,39460,52960,69360,534
Nonbor-rowed plusextended
credit
26,26330,62838,41938,56839,92740,24741,46445,34254,22860,39455,13755,23356,61856,86757,30257,65958,38659,46460,23160,39460,52960,69360,534
Required
25,99030,41137,57337,81639,35139,57040,10244,55553,19659,41354,01554,21055,74356,13856,45757,05957,72358,66059,21959,41359,15559,62359,621
Monetarybase
187,237203,585223,667239,872256,932267,734293,185317,169350,798385,855358,590361,166365,294368,194371,286374,340378,076381,400384,029385,855389,613393,960397,004
Borrowings of depositoryinstitutions from the Federal
Reserve (NSA)
Total
3,1861,318
827777
1,716265326192124829173
1211812443524282858982737055
Seasonal
113563893
1308476381831264184
1422102342361927531151524
Extendedcredit
2,604499303483
1,24420231100000000000000
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.Note.—Aggregate reserves and the monetary base have been revised. Revised data prior to 1993
are not yet available.
Source: Board of Governors of the Federal Reserve System.
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT AT ALL COMMERCIAL BANKSTotal commercial bank loans and leases rose 0.4 percent in March; commercial and industrial loans rose 0.8percent.
- ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS* (RATIO SCALE)
3,6003,2002,800
2,400
2,000
1,600
1,200
800
400
200
160
- TOTAL
120 I I I I I I I I I I I I1988
I I I I I J I I I I I1989"
. LOANS AND LEASES-
U.S. GOVERNMENT SECURITIES
I I I I I I I I I I I
1990
OTHER SECURITIES
-VI I I I I I I I I I I
1991
I I I I I I I I I I I
1992
BILLIONS OF DOLLARS* (RATIO SCALE)3,6003,2002,800
2,400
2,000
1993
I I I I I I I I I I I I 120
1,600
1,200
800
400
200
160
•SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
Period
New series:1988: Dec1989: Dec1990: Dec1991: Dec... .1992- Dec1993: Dec r
1993: Mar r
AprMayJuneJulyAugSept r.Oct T
Nov r
Dec r.
1994: Jan r
Feb r.Mar
Bank credit at all commercial banks
Totali iDankcredit
2,435.92,608.92,749.92,852.62,949.73,102.6
2,986.32,991.33,014.83,036.83,059.53,065.73,073.73,075.33,090.13,102.6
3,122.93,136.73,164.1
Securities in bank credit
Totalsecurities
562.6584.8634.0743.6839.6914.9
870.8878.6883.5891.7895.9902.4904.8901.2905.7914.9
929.0934.2953.9
U.S.Govern-
mentsecurities
367.3400.3455.9563.9663.2729.9
690.6697.1701.2710.1713.9717.9720.1718.0722.4729.9
735.3735.0750.4
Othersecurities
195.3184.5178.2179.6176.4185.0
180.2181.4182.3181.6182.0184.5184.7183.2183.3185.0
193.8199.1203.5
Loans and leases in bank credit
Totalloans andleases 2
1,873.32,024.12,115.92,109.02,110.12,187.7
2,115.52,112.82,131.32,145.22,163.52,163.32,168.82,174.02,184.32,187.7
2,193.92,202.52,210.3
Commer-cial and
industrial
607.9639.0640.2618.6594.2584.8
593.1587.8591.3592.4590.5589.2586.9586.5585.3584.8
589.9592.0596.6
Real estate
Total
674.5769.6854.2878.9900.4934.1
903.3902.5907.2912.6916.1919.9923.3925.6929.6934.1
936.1935.0935.0
Revolvingborneequity
40.150.362.369.773.673.1
74.775.175.275.175.074.774.473.873.473.1
72.872.972.9
Other
634.5719.3792.0809.2826.8861.1
828.7827.4831.9837.5841.1845.2848.9851.8856.2861.1
863.4862.1862.1
Consumer
357.7378.2383.5366.3358.7389.9
365.2367.0369.2371.1375.3378.4380.5384.6387.7389.9
392.6395.9399.8
Security
41.041.945.254.764.686.1
64.863.669.373.082.980.282.181.387.186.1
79.380.781.9
Other
192.1195.4192.8190.6192.2192.7
189.1191.9194.3196.1198.7195.5196.1196.1194.7192.7
196.0199.0196.9
1 Data are Wednesday values or prorated averages of Wednesday values for domestically char-tered commercial banks, branches and agencies of foreign banks, New York State investment com-panies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifications ofassets and liabilities.
2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to com-mercial banks in the United States.
Note.—Data for new series not yet available prior to 1988.Source: Board of Governors of the Federal Reserve System.
28
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIALCORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19841985 .19861987198819891990 .. .199119921993 "
1992: IIIIIIIV
1993- IIIIIIIV
Sources
Total
501.0486.3531.9540.5610.9562.3522.8473.2587.2580.6
560.5600.9589.5597.8
475.8596.7595.7653.8
Internal *
336.3351.9336.7375.9404.3399.6409.4437.8462.7476.1
454.6452.2468.5475.4
458.8469.6489.8486.0
External
Total
164.7134.4195.2164.6206.6162.6113.4
35.4124.5104.5
105.9148.7121.0122.4
17.0127.1105.9167.8
Credit market funds
Total
108.676.1
140.365.271.862.437.7
6.969.174.9
81.869.870.254.7
14.499.377.1
108.6
Securitiesand
mortgages
-5.513.065.527.814 6
-32.918 995.968.885.9
95.896.939.143.277.883.487.994.2
Loans andshort-term
paper
114.163.174.737.486.495.256.6
-89.0.3
-11.0
-14.027 131.111.5
63 415.910814.4
Other 2
56.158.354.999.4
134.9100.2
75.728.455.329.6
24.178.950.967.8
2.627.828.859.3
Uses
Total
515.3465.8503.3489.9558.2523.6502.0451.2537.8546.3
520.8567.3520.0543.0
456.6559.7554.2614.7
Capital
tures 3
398.5374.9351.9365.0394.4403.8407.3381.6397.2454.6
369.9401.2402.7415.2
442.9445.5456.4473.7
Increase infinancial
assets
116.891.0
151.5124.9163.8119.894.769.6
140.691.7
150.9166.1117.3127.8
13.7114.297.8
141.0
Discrepancy(sources less
uses)
-14.320.428.550.752.738.720.822.049.434.2
39.733.569.554.8
19.236.941.539.2
1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital the U.S.consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.ahroad. Government.
2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT[Millions of dollars; seasonally adjusted]
Period
1984: Dec1985- Dee1986: Dec1987- Dec1988: Dec 3
1989- Dec1990: Dec .1991- Dec1992: Dec1993- Dec
1993- FebMar
Mav .
July
SeptOct
Dec
1994- Jan r
Feb"
Installment credit outstanding (end of period)
Total
442,602517,659572,006608,675662,553724,353738,765733,510741,093790,082
747,228750,131752,193750,293752,428757,465762,503768,573775,620782,561790,082
796,458800,000
Automobile
173,564210,238247,772266,295285,364292,536284,739260,898259,627278,321
261,434262,313262,463264,007265,388267,468268,784270,650273,822276,853278,321
279,046280,206
Revolving
100,280121,758135,825153,064174,269198,544222,552243,564254,299281,474
258,384259,661261,450262,690263,338266,938270,753273,703277,125279,273281,474
284,898287,318
Other 2
168,758185,664188,408189,316202,921233,273231,474229,048227,167230,288
227,410228,157228,280223,596223,701223,058222,967224,220224,673226,435230,288
232,514232,476
Net change in installment credit outstanding 1
Total
73,63675,05754,34736,66953,878
(")14,4125 2557,583
48,989
3,6452,9032,062
-1,9002,1355,0375,0396,0707,0476,9407,521
6,3763,543
Automobile
30,00436,67437,53418,52319,069
(")-7,797
-23,841-1,27118,694
2,697879150
1,5441,3812,0801,3161,8663,1723,0311,467
7261,160
Revolving
21,19221,47814,06717,23921,205
(*)24,00821,01210,73527,175
2,4001,2771,7891,240
6483,6003,8152,9503,4222,1482,201
3,4242,420
Other 2
22,44016,9062,744
90813,605
( 4 )1,799
-2,4261,8813,121
1,452747123
-4,684105
-64392
1,254453
1,7613,853
2,226-38
1 For year-end data, change from preceding year-end; for monthly data, change from preceding
2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.3 Data newlv available in January 1989 result in breaks in many series between December 1988
and subsequent months.4 Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve Svstem.
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSInterest rates rose in April.
PERCENT PER ANNUM
14
PERCENT PER ANNUM
14
1986 1967
SOURCE: SEE TABLE BELOW
1993 1994
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1984 ..19851986 .19871988.19891990.199119921993 .
1993: AprMayJuneJuly
SeptOctNovDec
1994: Jan . ...FebMar ...
Week ended:1994- Apr 2
9162330
U.S. Treasury security yields
3-month bills(new issues) *
9.587.485.985.826.698.127.515.423.453.02
2.892.963.103.053.052.963.043.123.08
3.023.213.523.74
3.503.713.633.763.85
Constant maturities z
3-year
11.899.647.067.688.268.558.266.825.304.44
4.304.404.534.434.364.174.184.504.54
4.484.835.405.99
5.625.925.916.096.08
10-year
12.4410.627.688.398.858.498.557.867.015.87
5.976.045.965.815.685.365.335.725.77
5.755.976.486.97
6.726.976.937.036.95
High-grademunicipal
honds(Standard &
Poor's) 3
10.159.187.387.737.767.247.256.896.415.63
5.785.815.735.605.505.315.295.475.35
5.305.445.936.38
6.216.406.276.666.19
CorporateAaa bonds(Moody's)
12.7111.379.029.389.719.269.328.778.147.22
7.467.437.337.176.856.666.676.936.93
6.927.087.487.88
7.657.907.877.937.81
Primecommercial
paper,6 months *
10.168.016.396.857.688.807.955.853.803.30
3.193.203.383.353.333.253.273.433.40
3.303.624.084.40
4.134.284.274.494.56
Discount rate(N.Y. F.R.
Bank)4
8.807.696.335.666.206.936.985.453.253.00
3.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.00
3.00-3.003.00-3.003.00-3.003.00-3.00
3.00-3.003.00-3.003.00-3.003.00-3.003.00-3.00
Prime ratecharged by
banks *
12.049.938.338.219.32
10.8710.018.466.256.00
6.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.00
6.00-6.006.00-6.006.00-6.256.25-6.75
6.25-6.256.25-6.256.25-6.256.25-6.756.75-6.75
New-homemortgage
yields(FHFB)5
12.3811.5510.179.319.19
10.1310.059.328.247.20
7.467.377.237.207.056.956.806.806.92
6.956.856.99
5 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges iwell as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder-al Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
1 Bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury De-
partment.3 Weekly data are Wednesday figures.4 Average effective rate tor year; opening and closing rate for month and week.
30
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices fell in April.
INDEX, DEC. 31,1965=50 (RATIO SCALE) INDEX, DEC. 31,1965=50 (RATIO SCALE)300280260240
220
200
180
160
140
120
100
80
PER
^r~—^^
r~~-^^ — 's—' — *
rA
~/\
-4
J 1 1 I 1
1986CENT
*/
/ \ /^r^^V,
1 1 i ! 1 I 1 1 ! 1 1
1987
I 1 ! 1 1 E M I !
1988
/~^^\ 1\ \ \/r
COMPOSITE STOCK PRICE INDEX(NYSE)
M E M _L1J_LL
1989
1 1 1 1 1 1 M 1 1
19901 1 M 1 1 M 1 [
1991
1 1 M 1 1 E 1 1 1
1992
1 1 1 1 1 i M 1 1 1
1993
N
i i i i i ! 1 M 1
1994
PERC
300280260240
220
200
180
160
140
120
100
80
ENT
EARNINGS-PRICE RATIO ON COMMON STOCKSISAP1
' ~~~1
1986
SOURCES: NEW YORK
p ^
1 1 1
1987
STOCK EXCHANGE AN
• -— '
1 1 1
1988
D STANDARD & POOR',
^
I 1 1
1989
CORPORATION
-~^^—
i l l i l l i l l i i E i l l
1990 1991 1992 1993 1994
COUNCll OF ECONOMIC ADVISERS
Period
198419851986198719881989199019911992.1993
1993- AprMay
July
SeptOctNovDec
1994 JanFebMar
Week ended:1994- Apr 2
9162330
Common stock prices 1
New York Stock Exchange indexes (Decnoted) 2
Composite
92.46108.09136.00161.70149.91180.02183.46206.33229.01249.58
244.72246.02247.16247.85251 93254.86257.53255.93257.73
262.11'61 97257.32247.97
250.30247.74248.10246.37250.09
Industrial
108.01123.79155.85195.31180.95216.23225.78258.14284.62299.99
292.19297.83298.78295.34298.83300.92306.61310.84313.22
320.92322.41318.08304.48
308.63305.64304.70301.09306.99
Transporta-tion
85.63104.11119.87140.39134.12175.28158.62173.99201.09242.49
237.97237.80234.30238.30250.82248.15254.04262.96268.11
278.29276.67265.68250.43
256.02253.21252.19244.79251.80
Utility 3
92.89113.49142.72148.59143.53174.87181.20185.32198.91228.90
227.56222.41226.53232.55237.44244.21240.97230.12229.95
225.15220.85215.45210.08
210.93206.91207.48212.47214.30
, except as
Finance
89.28114.21147.20146.48127.26151.88133.26150.82179.26216.42
216.02209.40209.75218.94224.96229.35228.18214.08216.00
218.71217.12211.02208.12
206.75205.64209.94208.54208.40
Dow-Jonesindustrialaverage 4
1,178.481,328.231,792.762,275.992,060.822,508.912,678.942,929.333,284.293,522.06
3,423.633,478.173,513.813,529.433,597.013,592.293,625.813,674.703,744.10
3,868.363,905.623,816.983,661.48
3,681.023,663.203,671.343,628.033,688.83
Standard &Poor's
compositeindex
(1941-43=10)5
160.46186.84236.34286.83265.79322.84334.5S376.18415.74451.41
443.08445.25448.06447.29454.13459.24463.90462.89465.95
472.99471.58463.81447.23
450.95446.65447.25444.66451.15
Common stock yields(percent) 6
Dividend-price ratio
4.644.253.493.083.643.453.613.242.992.78
2.822.802.812.812.762.732.722.722.72
2.69r2.70
2.782.90
2.902.882.902.932.88
Earnings-price ratio
10.028.126.095.488.017.416.47
r4.794.224.46
4.29
4.45
r4.69
1 Average of datlv closing prices.2 Includes all the stocks (more than 2,000 in 11)92) listed on the NYSE.3 Doc. 31, 1965=100. Effective April 27, 1998 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. AM indexes shown here reflect the doubling.4 Includes 80 stocks.5 Includes 500 stocks.
G Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Kpricc ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & l*wporation,
31
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1994, there was a deficit of $150.7 billion, compared with a deficit of $182.8 billiona year earlier.
BILUON
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
0
100
200
-300
-400
S OF DOLLARS BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS-!'
__„-"*" '
__- - " "UUILAYS-!> .- —
\ ^"~~ ^
----'"*' — ""
"'" ^^^\
^^~~~^ RECEIPTS1'
— • ""
A i i i i i i i i i j\V V
SURPLUS OR DEFICIT ( ) -^
-~ • — """"---
'. ^^-— • — ___A i i i i i i i i i j\
Vl9B5 1986 1987 1988 1989 1990 1991 1992 1993 1994 V
FISCAL YEARS
INCUJDES ON-BUDGET AND OFF-BUDGET ITEMS.jOURCES: DEPARTMENT Of THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET COUNdl OF ECONOMY ADVISER
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
0
-200
300
-400
[Billions of dollars'
Fiscal year or period
19761977....1978197919801981198219831984
1985198619871988198919901991199219931994 (estimates)
Cumulative total, first 6
Fiscal year 1993Fiscal year 1994
Total
Receipts
298.1355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,054.31,090.51,153.51,249.1
527.1576.1
Outlays
371.8409.2458.7503.5590.9678.2745.8808.4851.8
946.4990.3
1,003.91,064.11,143.21,252.71,323.81,380.91,408.21,483.8
709.9726.8
Surplusor deficit
(-)
-73.753 7
-59.240 2
-73.8790
-128.0207 8
- 185.4
-212.3221 2
-149.8-155.2
152.5-221.4
269.5-290.4
254.7-234.8
-182.8150.7
On-budget
Receipts
231.7278.7314.2365.3403.9469.1474.3453.2500.4
547.9568.9640.7667.5727.0749.7760.4788.0841.6912.9
384.0420.2
Outlays
302.2328.5369.1403.5476.6543.1594.4661.3686.0
769.6806.8810.1861.4932.3
1,027.61,082.11,128.51,141.61,203.0
581.5591.6
Surplusor deficit
(-)
705-49.8
54 9-38.2
72 7-74.0
-120.1-208.0-185.7
-221.7-238.0-169.3
194 0-205.2
278 0-321.7
340.5-300.0
290.1
-197.5-171.4
Off-budget
Receipts
66.476.885.498.0
113.2130.2143.5147.3166.1
186.2200.2213.4241.5263.7281.7293.9302.4311.9336.2
143.2156.0
Outlays
69.680.789.7
100.0114.3135.2151.4147.1165.8
176.8183.5193.8202.7210.9225.1241.7252.3266.6280.9
128.5135.2
Surplusor deficit
(-)
-3.2-3.9-4.3-2.0-1.1-5.0-7.9
.2
.3
9.416.719.638.852.856.652.250.145.355.3
14.720.7
Gross Federal debt(end of period)
Total
629.0706.4776.6828.9908.5994.3
1,136.81,371.21,564.1
1,817.02,120.12,345.62,600.82,867.53,206.33,598.34,001.94,351.24,676.0
4,170.74,528.6
Held bythe public
477.4549.1607.1639.8709.3784.8919.2
1,131.01,300.0
1,499.41,736.21,888.12,050.32,189.32,410.42,687.92,998.63,247.23,472.4
3,140.13,387.6
1 Data from Monthly Treasury Statement.NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
32
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 6 months of fiscal 1994, receipts were $49.0 billion higher than a year earlier and outlays were $16.9billion higher.
B1LUC
600
500
400
300
200
100
0
1,300
1,200
,100
1,000
900
800
700
600
500
400
300
200
s
>NS OF DOLLARS BIL1IONSOFDO
RECEIPTS1' INDIVIDUAL INCOME TAXES _\* _.
\
CORPORATION SOCIAL INSURANCE
OTHER RECEIPTS \
1 1 1 1 1 1 1 1 1
OUTLAYS -"
. '
NONDEFENSE „ •— "\ .--^^'
- — """"
NATIONAL DFFFNSF
/] 1 1 1 1 1 1 1 1 1 NV N
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994
FISCAL YEARS
• INCLUDES ON-BUDGEI AND OFF-BUDGET FfEMS.QURCES: DEPARTMENT OF THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMY ADVISER
LLARS
600
500
400
300
200
100
0
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
5
[Billions of dollars]
Fiscal year
197619771978197919801981198219831984
19851986198719881989199019911992 ..19931994 (estimates)
Cumulative total, first 6 months: 1
Fiscal year 1993Fiscal year 1994
On-budger, and off-budget receipts
Total
298.1355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31 054 31,090.51,153.51,249.1
527.1576.1
Indi-vidualincometaxes
131.6157.6181.0217.8244.1285.9297.7288.9298.4
334.5349.0392.6401.2445.7466.9467.8476.0509.7549.9
246.8261.7
Corpo-ration
incometaxes
41.454.960.065.764.661.149.237.056.9
61.363.183.994.5
103.393.598.1
100.3117.5130.7
43.353.7
Socialinsur-ancetaxesand
contri-butions
90.8106.5121.0138.9157.8182.7201.5209.0239.4
265.2283.9303.3334.3359.4380.0396.0413.7428.3461.9
191.7209.4
Other
34.336.637.740.850.669.569.365.671.8
73.073.174.378.9 ,'82.390.992.3
100.598.0
106.5
45.351.4
On-budget and off-budget outlays
Total
371.8409.2458.7503.5590.9678.2745.8808.4851.8
946.4990.3
1,003.91,064.11,143.21,252.71,323.81,380.91,408.21,483.8
709.9726.8
Nationa
Total
89.697.2
104.5116.3134.0157.5185.3209.9227.4
252.7273.4282.0290.4303.6299.3273.3298.4291.1279.8
146.1139.7
defense
Depart-ment ofDefense,military
87.995.1
102.3113.6130.9153.9180.7204.4220.9
245.2265.5274.0281.9294.9289.8262.4286.9278.6267.4
140.2133.1
Inter-nationalaffairs
6.46.47.57.5
12.713.112.311.815.9
16.214.211.610.59.6
13.815.916.116.819.0
10.910.0
Health
15.717.318.520.523.226.927.428.630.4
33.535.940.044.548.457.771.289.599.4
112.3
47.952.8
Medi-care
15.8
19.322.826.532.139.146.652.657.5
65.870.275.178.985.098.1
104.5119.0130.6143.7
62.670.6
Incomesecuri-
ty
60.861.061.566.486.599.7
107.7122.6112.7
128.2119.8123.3129.3136.0147.0170.3197.0207.3214.6
108.9113.1
Socialsecuri-
ty
73.985.193.9
104.1118.5139.6156.0170.7178.2
188.6198.8207.4219.3232.5248.6269.0287.6304.6320.5
148.5156.0
Netinter-est
26.729.935.542.652.568.885.089.8
111.1
129.5136.0138.7151.8169.3184.2194.5199.4198.8203.4
99.399.1
Other
82.893.0
114.7119.6131.4133.5125.4122.3118.6
131.8142.1125.9139.4158.8203.9225.1173.9159.7190.6
85.785.5
1 Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Yea
1995, February 1994.Sources: Department of the Treasury and Office of Management and Budget.
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1993, according to revised estimates. Federal receipts rose $39.8 billion (annual rate) andFederal expenditures rose $34.1 billion. In the first quarter of 1994, according to advance estimates. Federalexpenditures fell $25.5 billion; receipts data are incomplete.
BILLIOS
1,600
1,400
!,200
1,000
800
600
400
200
0
-200
-400
S OF DOLLARS BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
Ev
^ _
•
-
-
-
^1 1 11982
SOURCE: DEPAR
^ '
1 1 1
,-'"
-— '
1983 1984
TMENT Of COMMERCE
•> "*"
'XX^
1985
__
i i i1986
'ENDlTURE
\
RECEIPTS
SURPLUS
^
i i i
« .<
^ "
OR DEFICIT
1
1 1 1
^~-
{ - ]
-^
1987 1988 1989
CALENDAR YEARS
,-
— -\
1990
— -—*
1991
^ __ •* '
„ '
-—— —
\~~"~
^
S~
1 ! 1
-
-
-
-
-
-
-
-
-
1 992 1 993 1 994
COUNCIL OF ECONOMIC ADVISER
1,600
1,400
1,200
1,000
800
600
400
200
0
-400
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:199119921993
Calendar year:19911992 .. ..1993
1982: IV1983- IV1984: IV1985- IV1986: IV1987- IV1988: IV1989- IV1990: IV1991- IV
1992: IIIIIIIV
1993: InmIV
1994- I "
Federal Government receipts
Total
1,121.41,165.61,249.3
1,127.81,183.0' 1,269.5
632.3671.1739.8803.6856.8943.5
1,000.61,068.31,115.81,142.51,165.91,176.11,169.11,221.1
1,218.41,268.01,275.9
rl,315.7
Personaltax andnontaxreceipts
475.7484.0511.7
474.9490.8521.3301.6290.5323.5351.8371.7414.8420.0470.1483.9478.5
479.7482.0489.5511.8
502.1520.7527.1535.1
5490
Corpo-rate
profitstax
accru-als
108.4116.3135.6
107.1120.2
r 143.145.565.467.077.091.4
109.7118.5111.3115.1109.8
121.1125.8107.0127.1
132.4142.4139.3
' 158.1
Indirectbusinesstax andnontax
accruals
76.780.886.0
79.181.387.349.255.458.256.854.859.561.462.267.181.3
80.480.281.183.5
81.586.286.795.0
92.9
Contri-butions
forsocialinsur-ance
460.6484.5516.0
466.7490.7517.8235.9259.8291.1318.0338.8359.4400.7424.7449.7472.8
484.7488.1491.4498.7
502.3518.7522.8527.5
544.6
Federal Government expenditures
Total
1,309.21,436.01,484.5
1,331.21,459.31,495.9
815.7855.7926.6990.8
1,034.31,096.31,135.51,209.81,306.91,387.2
1,436.11,456.01,459.81,485.3
1,481.91,490.61,488.51,522.6
1,497.1
Pur-chases
446.0444.9445.0
445.9448.8443.4281.4289.7324.7356.9373.1392.5392.0405.1436.5437.4
445.5444.6452.8452.4
442.7447.5443.6440.0
434.0
Trans-fer
pay-ments
509.8607.3646.4
522.0624.5651.9346.0351.1360.1383.8404.2419.7444.5488.8526.6567.7
611.0620.8624.4641.7
642.0645.6652.8667.2665.2
Grants-in-aid
toStateandlocal
govern-ments
147.0167.4182.1
153.0171.4186.284.386.997.7
104.5103.8102.9113.0121.9137.6162.3
163.4171.8173.7176.7
176.1182.8188.6197.4
187.9
Netinter-
estpaid
183.2189.7181.3
187.6187.1180.886.899.2
122.3129.2131.1143.1151.2168.9174.4191.9
189.3190.4187.4181.3
178.3182.5182.2180.4
174.8
Subsi-dies lesscurrentsurplus
ofGovern-
mententer-prises
23.326.729.7
22.627.533.617.328.822.216.422.137.834.925.032.027.9
27.028.521.433.2
42.932.321.437.7
35.1
Less:Wage
accrualsless
disburse-ments
0.0.0.0
— .1.0.0.0.0.6.0.02.0.0.2.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
Surplusor deficit
(-),nationalincome
andproductaccounts
-187.8— 270.4-235.2
-203.4276.3
T -226.4-183.4— 184.6-186.8-187.2-177.5— 152.7-134.9-141.5-191.0
244.7
-270.2— 279.9-290.7
264.2
-263.5— 222.6-212.7— 207.0
Source: Department of Commerce, Bureau of Economic Analysis.
34
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
1984..198519861987198819891990199119921993p....
1992: Dec....
1993: JanFebMar
May
July
SeptOctNovDec
1994: Jan ..FebMar P....
Industrial production (1987=100; seasonally adjusted)
UnitedStates
92.894.495 3
100.0104.4106.0106.0104.1106.5110.9
109.0
109.2109.9110.0110.5110.0110.4110.9111.1111 3111 9112.8114.0
' 114.4T 115.01156
Canada
91.096.195.4
100.0105.3105.2101.898.198.5
r 103.2
100.5
100.7r!01.8
103.1r!02.3' 102.0' 103.7* 102.7' 103.5r 104.4
104.5105.2' 104.9
105.7
Japan
93.496.896.6
100.0109.3115.9121.4123.7116.5111.7
112.7
112.3113.5116.5113.4110.7112.5111.9111.0113.3107.4109.9108.0
109.1109.3
France
97.197.298.0
100.0104.6108.9111.0111.0109.7106.8
105.8
105.4107.4106.7105.7106.0105.8106.7107.1
r 106.8105.9
' 106.9r 105.8
105.6
Germany
93.597.799.6
100.0103.9108.81 14.5117.9115.6107.2
107.9
107.4106.1107.8106.6107.0107.2106.4108.1107.9107.4
r 106.7' 107.3r 105.4
107 4
Italy
91.892.996.2
100.0105.9109.2109.4107.1106.5
99.9
105.3105.9104.499.9
104.3101.9104.3102.4102.2104.5105.7
UnitedKingdom
89.093.996.2
100.0104.8107.0106.7102.5102.0
r 104.7
102.2
102.7103.8103.0
T 103.2104.9103.9' 105.2
105.1' 105.2r 106.3
106.6106.0
r 106.6107.5
Consumer prices (1982-84=100; NBA)
UnitedStates '
103.91076109.6113.6118.3124.0130.7136.2140.3144.5
141.9
142.6143.1143.6144.0144.2144.4144.4144.8145.1145.7145.8145.8
146.2146.7147 2
Canada
104.8108.9113.4118.4123\2129.3135.5143.1145.2147.9
146.4
147.0147.4147.3147.3147.6147.6148.0148.1148.2148.4149.1148.8
148.8147.7147 6
• f apan
102.1104.1104.8104.9105.7108.0111.4N5.0116.9118.5
117.4
117.3117.4117.7118.5118.6118.5118.8119.2119.3119.2118.5118.6
118.7118.7
France
107.9114.2117.2120.9124.2128.6133.0137.2140.6143.5
141.4
141.9142.4143.1143.2143.5143.4143.5143.5144.0144.3144.4144.3
1445144.9145.2
Germany
102.7104.8104.7104.9106.3109.2112.1116.0120.6125.6
122.4
123.8124.3124.7125.1125.5125.7126.0126.0126.1126.4126.7126.9
128.0128.5128.7
Italy
111.5121.1128.5134.4141.1150.4159.6169.8178.9186.4
182.3
182.9183.6184.0184.7185.4186.4187.1187.2187.5188.6189.5189.5
190.6191.4191.8
UnitedKingdom
104.8111.1114.9119.7125.6135.4148.2156.9162.7165.3
163.6
162.0163.1163.7165.2165.8165.7165.3166.0166.7166.6166.4166.7
166.0167.0167.4
1 Data relate to all urban c Source: National sources as reported by Department of Commerce (Bureau of Economic Analysisand International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS[Billions of dollars; monthly data seasonally adjusted]
Period
1984198519861987198819891990199119921993 r. . ...
1993: FebMarAprMayJuneJuly
SeptOctNovDec
1994- Jan 'Feb
Merchandise exports (f.a.s. value) l
Total z
224.05 218.85 227.2
254.1322.4363.8393.6421.7448.2464.8
36.938.938.538.937.637.138.138.940.140.242.2
39.337.9
Principal end-use commodity category
Foods,feeds,and
bever-ages
31.524.022.324.332.337.235.135.740.240.4
3.43.53.43.33.23.23.13.43.53.53.7
3.33.2
Indus-trialsup-pliesand
materi-als
61.758.557.366.785.199.3
104.4109.7109.3112.0
8.79.29.19.78.89.39.09.69.99.79.8
9.08.6
Cap-ital
goodsexceptauto-
motive
72.073.975.886.2
109.2138.8152.7166.7176.7183.0
14.315.615.215.315.314.315.315.015.615.617.2
16.115.2
Auto-motivevehi-cles,parts,anden-
gines
20.622.921.724.629.334.837.440.047.151.7
4.44.34.44.34.13.84.24.14.54.74.6
4.44.5
Con-sumergoods(non-food)
exceptauto-
motive
13.312.614.217.723.136.443.345.950.453.4
4.24.44.24.54.34.44.54.64.64.84.7
4.54.4
Other 2
24.027.335.934.643.417.220.723.724.524.3
1.92.02.11.92.02.02.12.22.02.02.3
2.02.0
Genera! merchandise imports customs value) 3
Total
4 330.74 336.5
365.4406.2441.0473.2495.3488.5532.7580.5
44.849.348.747.349.747.548.149.551.049.949.6
49.550.3
Principal end-use commodity category
Foodsfeeds,and
bever-ages
21.021.924.424.824.825.126.626.527.928.1
2.22.42.22.32.32.32.32.42.62.32.3
2.52.4
Indus-trialsup-pliesand
materi-als
123.7113.9101.3111.0118.3132.3143.2131.6138.3145.0
11.112.612.612.312.812.111.712.212.512.311.6
11.612.1
Cap-ital
goodsexceptauto-
motive
59.865.171.884.5
101.4113.3116.4120.7134.2152.8
11.712.412.412.313.112.812.513.013.713.314.0
14.214.0
Auto-motivevehi-cles,parts,anden-
gines
53.566.878.285.287.786.187.385.791.8
102.4
8.3r8.98.88.28.67.88.58.79.08.88.9
8.58.8
Con-sumergoods(non-food)
exceptauto-
motive
60.068.379.488.795.9
102.9105.7108.0123.0133.9
10.311.511.110.711.311.011.711.611.711.511.1
11.311.4
Other
7.89.4
10.412.112.813.616.115.917.618.4
1.31.61.51.61.61.51.41.51.51.71.7
1.51.6
Generalmer-
chandiseimports
(c.i.f.value)
346.4352.5382.3424.4459.5493.2517.0508.4554.0603.4
46.651.350.649.151.649.450.051.553.051.951.6
51.452.2
Trade balance
Exports(f.a.s) less
imports(customs
value)
-106.7-117.7-138.3-152.1— 118.5- 109.4-101.7-66.7-84.5
-115.7
— 7.9- 10.5— 10.2-8.4
— 12.1— 10.4-10.0-10.6-10.9
— 9.7-7.4
-10.2-12.4
Kxports(f.a.s)loss
imports(c.i.f.)
-122.4- 133.6-155.1-170.3-137.1-129.4— 123.4-86.6
-105.9-138.7
— 9.6-12.4— 12.1-10.2-14.0-12.3-11.9-12.6— 12.9-11.7-9.3
-12.1- 14.3
1 Includes Department of Defense Military Assistance Program grant-aid shipments. 5 Total exports arc on a revised statistical month basis; end-use categories are on a statistical2 Includes undocumented exports to Canada through 1988. month basis.3 Total arrivals of imported goods other than intransit shipments. NOTE.— Data shown include trade of the U.S. Virgin Islands.4 Total includes revisions not reflected in detail. 0 ^ , „ „ r , „
source: Department ot Commerce, Bureau ot the Census.
35
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1993, the merchandise trade deficit fell to $32.8 billion, from $36.0 billion in the thirdquarter. The current account deficit rose to $31.5 billion, from $28.1 billion.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS*
15
BALANCE ON GOODS,SERVICES, AND INCOME
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Period
1981198219831984198519861987198819891990199119921993 p
1991: IEIV
1992- IIIIllIV
1993: IIIHIIV....
Merchandise * 2
Exports
237,044211,157201,799219,926215,915223,344250,208320,230362,116389,303416,937440,138456,766103,764107,634108,347108,306109,493113,992111,480113,067111,935120,284
Imports
-265,067-247,642-268,901-332,418-338,088-368,425
409 765-447,189-477,365-498,336-490,739-536,276-589,244— 123,404- 126,687-126,110-133,107-137,105- 139,954-140,805-147,465-147,907- 153,067
Net balance
-28,023- 36 485
-67,102-112,492-122,173- 145,081-159,557- 126,959-115,249
109 033-73,802
96 138-132,478- 19,640- 19,053-17,763-24,801-27,612-25,962-29,325-34,398-35,972-32,783
Services
Netmilitarytransac-tions 3 4
— 844112
-563-2,547-4,390-5,181-3,844
6315-6,726
7 833-5,851
2751-1,027-1,164
-755-571-727-617-836— 145-226-128-528
Nettravel andtranspor-
tationreceipts
144-992
-4,227-8,438-9,798-7,382-6,481-1,511
5,0718,979
17,93319,71819,7625,2285,4815,0115,2014,8824,6245,0635,4204,9924,287
Otherservices,
net
12,55213,20914,09514,27714,26618,85517,90019,96126,55829,50533,79939,44436,9448,6608,8099,6089,177
11,0169,6419,7369,2968,9918,922
Investment income
Receiptson U.S.assetsabroad
86,52986,20084,77899,05689,48987,49795,129
122,275144,904151,201127,292110,612110,33930,07429,14429,02828,64127,19525,74926,00327,80228,40928,127
Paymentson foreignassets in
U.S.
-53,62656412
-53,700-69,572-68,314-74,736-87,403
-109,653- 130,091-130,853-114,272-104,391-110,273
— 28,447-26,431-24,609-27,734-25,492-26,555-26,115-27,829-26,792-29,538
Net
32,90329,78831,07829,48321,17512,761.
7,72612,62114,81320,34813,0216,222
661,6272,7134,419
9071,703-806-112-27
1,617-1,411
Balance ongoods,
services,and income
16,7325,632
-26,719-79,716- 100,920— 126,028- 144,256- 102,203-75,532-58,034- 14,899-33,505-76,733-5,289-2,805
704-10,243- 10,628-13,339-14,783-19,935-20,500-21,513
Unilateraltransfers,
net4
-11,702-17,075-17,741-20,612-22,950-24,176-23,052-24,965-26,092-33,827
6,575-32,895-32,509-6,564-4,839-7,389-8,010-7,147
-10,348-7,592-7,300-7,591- 10,026
Balanceon current
account
5,030-11,443-44,460
-100,328-123,870- 150,203-167,308-127,168-101,624-91,861-8,324
-66,400-109,242-11,853-7,644-6,685
-18,253-17,775-23,687-22,375-27,235-28,091-31,539
1 Excludes military.2 Adjusted from Census data for differences in timing and coverage.3 Quarterly data are not seasonallv adjusted.
4 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
36
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U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $7.3 billion in the fourthquarter of 1993, in contrast to a decrease of $8.5 billion in the third quarter. U.S. liabilities to private foreignersreported by U.S. banks, excluding Treasury securities, increased $7.5 billion in the fourth quarter, following anincrease of $24.9 billion in the third quarter.
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*
-60
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
19811982198319841985198619871988. . .19891990199119921993P
1991: IIIIllIV
1992: IIIIllIV
1993: IIIIll ....IV "...
U.S. assets[increase /capit
Total
-114,147-122,335-58,735-29,654-34,687-91,260-61,254-91,423
-129,331— 44,132-59,974-50,961
-143,872-5,555
-87515 672
-37,870-1,029-8,695
-10,798-30,438-12,715-29,697-43,398-58,062
U.S.officialreserve
assets 3 5
-5,175-4,965-1,196-3,131
3 858312
9,149-3,912
-25,293-2,158
5,7633,901
-1,379-3531,0143,8771,225
-1,0571,4641,9521,542
983822
-545-673
abroad, net
Other U.S.Govern-
mentassets
5097-6,131
5006-5,489
2 821-2,022
1,0062,9671,2592,3072,905
-1,609106559
-4193,224-459
275-293
305-737
535275
-180186
]
U.S.privateassets
103 875-111,239
52 533-21,035
28009-89,551
71 408-90,477105 297
-44,28068643
-53,253142 388-5,761-1,47022 774
-38,637303
-9,86612 445
-31,243-12,267
30 244-42,674
57 203
Foreign assets in the U.S., net[increase /capital inflow (+)]
Total
83,03292,41883,380
102,010130,966223,191229,972219,489213,571105,17383,439
129,579226,380
207,120
23,51452,82619,83444,45026,45038,84525,87542,53771,63786,330
Foreignofficialassets 3
4,9603,5935,8453,140
-1,11935,64845,38739,7588,503
34,19817,56440,68471,2255,604
-4,9243,855
13,02921,12421,008
7 3785,931
10,92917,69919,23723,360
Otherforeignassets
78,07288,82677,53498,870
132,084187,543184,585179,731205,068
70,97565,87588,895
155,154-5,62412,04419,65939,798
-1,29023,44233,82832,91414,94624,83852,40062,970
Allocationsof specialdrawing
rights(SDKs)
1,093
Statistical discrepancy
Total (sumof the items
with signreversed)
24,99241,35919,81527,9722759218,272
-1,410-899
17,38430,820
-15,140-12,218
26,735-3,831-8,014
4,011— 7,312
-12,120-17,502
2,12315,2809,215
14,395-1483,271
Of which:Seasonal
adjustmentdiscrepancy
4,710-120
-6,5061,9114,878
653-6,754
1,2226,082
943-7,319
292
U.S. officialreserve
assets, net 5(unadjusted,
end ofperiod)
30,07433,95833,74734,93443,18648,51145,79847,80274,60983,31677,72171,32373,44278,00274,94074,73177,72174,65777,09278,52771,32374,37873.96875,83573,442
5 Consists of gold, special drawing rights (SDRs), fonon in the IMF.
ign currencies, and the U.S. reserve posi- Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.
37
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ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page
Gross Domestic Product 1Gross Domestic Product in 1987 Dollars 2Implicit Price Deflators for Gross Domestic Product 2Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Personal Consumption Expenditures in 1987 Dollars 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment in 1987 Dollars 9Expenditures for New Plant and Equipment 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Selected Unemployment Rates , 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagriculrural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade , 20Manufacturers' Shipments, Inventories, and Orders 21
PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY, CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base 27Bank Loans and Securities 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Consumer Installment Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34
INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. Merchandise Exports and Imports 35U.S. International Transactions 36
General Notes
Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:
p Preliminary.r Revised.c Corrected.... Not available (also, not applicable).NSA not seasonally adjusted.
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